Polaris, Union, Keystone banks get new executive teams

Afew hours after the Central Bank of Nigeria

( CBN) sacked the boards and management team of Polaris, Union, and Keystone banks for corporate governance failure and other infractions, the apex approved new teams to take over the affairs of the banks.

In a statement by the apex bank's acting Director of Corporate Communications, Sidi Ha kama, and released on Thursday morning, the appointment takes immediate effect.

CBN appointed Lawal Mudathir Omokay ode Akintola as the Chief Executive Officer of Polaris and Chris Ofikulu as its Executive Director.

The first female Chief Executive Officer of the Standard Chartered Bank in Sierra Leone, Y etunde Oni, was named the Chief Executive Officer of Union Bank, while Mannir Ubali Ringim was appointed as the Executive Director of the bank.

Similarly, Hassan Imam was appointed as the Chief Executive Officer of Keystone Bank, while Chioma Mang took charge as Executive

Director. “The Following CBN statement the dissolution reads: of the Board and Management of Union Bank, Keystone Ban k and Polaris Bank on Wednesday, Januar y 10, the CBN has appointed new executives to oversee the affairs of the banks. The appointments take immediate effect.” The CBN , on Wednesday night, sacked the boards of three banks for infringements of certain provisions of the Banks and Other Financial Institutions Act ( BOFIA), 2020. According to CBN , the banks’ infractions varied from regulator y non- compliance, corporate governance failure, disregarding the conditions under which their licences were granted, and involvement in activities that posed a threat to financial stability. The apex bank' s action followed the recommendation of the Special In vestigator, Jim Obazee, appointed by President Bola Tinubu, to probe the activities of the CBN and other relevant establishments.