CBN Appoints New Executive Directors for Troubled Banks

The Central Bank of Nigeria (CBN) has appointed new executive directors to oversee the banks of Polaris, Union, and Keystone.

Yetunde Oni, former CEO of Standard Chartered Bank in Sierra Leone, has been appointed as the Chief Executive Officer of Union Bank.

Mannir Ubali Ringim has been appointed as the Executive Director of the Tier-2 bank. Hassan Imam has been appointed as the CEO of Keystone Bank, alongside Chioma Mang.

Lawal Mudathir Omokayode Akintola has been appointed as the CEO of Polaris Bank, and Chris Ofikulu has been appointed as its Executive Director.

The CBN removed the entire board of these banks due to severe violations of financial laws, including regulatory non-compliance, corporate governance failure, disregarding licencing conditions, and engaging in activities that threaten financial stability.

The decision was based on the recommendations of Special Investigator Jim Obazee, appointed by President Bola Tinubu in July 2023 to investigate the CBN and related institutions.