Nigeria Business

Cbn Installs New Executives At Union Keystone Polaris Banks1

CBN Installs New Executives at Union, Keystone, Polaris Banks

In a significant move, the Central Bank of Nigeria (CBN) has appointed new executive directors for Polaris, Union, and Keystone banks following the dissolution of their boards. The announcement, made by the acting Director of Corporate Communications, Sidi Hakama, came into immediate effect on Thursday morning.

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Yetunde Oni, previously the first female CEO of Standard Chartered Bank in Sierra Leone, has been appointed as the Chief Executive Officer of Union Bank, with Mannir Ubali Ringim joining as Executive Director. Keystone Bank welcomed Hassan Imam as its new Chief Executive Officer and Chioma Mang as its Executive Director. Lawal Mudathir Omokayode Akintola has been named Chief Executive Officer for Polaris Bank, and Chris Ofikulu is the Executive Director.

This reshuffle comes in the wake of the CBN’s decision on Wednesday night to sack the entire boards of these four banks due to severe infringements of financial laws. The infractions ranged from regulatory non-compliance and corporate governance failures to involvement in activities threatening financial stability. The CBN, exercising its regulatory powers, deemed the dissolution necessary due to the banks’ non-compliance with the Financial Institutions Act 2020.

This action followed a recommendation from the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023, to probe the activities of the CBN and other relevant establishments. The investigation accused the immediate past Governor of the CBN, Godwin Emefiele, of using proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without evidence of payment.

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Editorial

The Central Bank of Nigeria’s decision to appoint new executives for Union, Keystone, and Polaris banks marks a pivotal moment in the Nigerian banking sector’s governance. This move, necessitated by the banks’ failure to comply with regulatory standards, is a bold statement on the importance of adherence to financial laws and ethical practices in the banking industry.

The appointment of seasoned professionals like Yetunde Oni and Hassan Imam signals a commitment to rectify past missteps and steer these institutions towards a more transparent and accountable future. This change in leadership is an opportunity for these banks to rebuild trust with their customers and stakeholders and to align their operations with global best practices.

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The CBN’s intervention highlights the critical role of regulatory bodies in maintaining the financial system’s integrity. It serves as a reminder that the banking sector, a cornerstone of the economy, must operate within the bounds of law and ethics. This is essential not just for the stability of individual banks but for the confidence of investors, the security of depositors’ funds, and the overall health of the national economy.

As we move forward, all stakeholders in the banking sector must learn from these events. Banks must prioritize robust corporate governance, transparency, and compliance with regulatory requirements. For the CBN, this episode underscores the need for vigilant oversight and swift action when detecting irregularities.

The road ahead for Union, Keystone, and Polaris banks under new leadership will be challenging but filled with opportunities for reform and growth. We hope these changes will usher in a new era of stability and prosperity in the Nigerian banking sector.

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Did You Know?

  1. The Central Bank of Nigeria was established in 1958 and commenced operations on July 1, 1959.
  2. Nigeria’s banking sector underwent a significant consolidation in 2005, reducing the number of banks from 89 to 25.
  3. Union Bank of Nigeria, one of the oldest banks in Nigeria, was established in 1917.
  4. Keystone Bank was formed in 2011 following the Central Bank of Nigeria’s intervention in Bank PHB.
  5. Polaris Bank was established in 2018, emerging from the defunct Skye Bank following CBN’s intervention due to financial instability.

Author

  • Celima Sulaimon

    Celima enjoys cooking, driving, and taking care of her two kids. She has a passion for cooking and loves to make different dishes that are healthy and delicious. Celima spends most of her time in the kitchen when she's not at work or with her children. When she's not cooking, Celima likes to drive around town and explore new places on an adventurous road trips with friends or family. But, when caring for her loved ones, no job is too big or small for this go-getter! Email Celima @ celima.sulaimon@yohaig.ng

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