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CBN Appoints New Executives In Response to Alleged Infractions

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The Central Bank of Nigeria, announced in a statement on January 10, 2024, its appointment of new executives for Union Bank, Keystone Bank, and Polaris Bank following the dissolution of the banks on the same day.

The newly appointed executives, who will be responsible for overseeing all the affairs of the banks are:

Union Bank

Yetunde Oni — Managing Director/Chief Executive Officer

Mannir Ubali Ringim — Executive Director

Keystone Bank

Hassan Imam — Managing Director/ Chief Executive Officer

Chioma A. Mang — Executive Director

Polaris Bank

Lawal Mudathir Omokayode Akintola — Managing Director/ Chief Executive Officer

Chris Onyeka Ofikulu — Executive Director

The decision to appoint new leadership, came at the dissolution of the board and management of these banks over alleged violations of Section 12 (c), (f), (g) of Banks and Other Financial Institutions Act (BOFIA) 2020.

Alleged Infractions included regulatory non-compliance, corporate governance failure, disregard for the conditions of their licences, and involvement in activities that pose a threat to financial stability.

The dissolution came as a response to a wave of reactions across the country, after the disclosure of a report by Jim Obaze, special investigator who was appointed by President Bola Tinubu to scrutinise the activities of former Central Bank Governor Godwin Emefiele.

The report that was submitted on December 20, 2023, alleged that Emefiele employed surrogates to obtain shares in a new-generation bank during his tenure along with 17 other serious allegations that shed light on various financial irregularities.

With the appointment of new executives, the CBN assures the public of the safety and security of depositors’ funds.

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