In a significant move to uphold regulatory compliance and corporate governance, the Central Bank of Nigeria (CBN) has appointed new management teams for Union Bank, Keystone Bank, and Polaris Bank. This action follows the dissolution of the banks’ boards and managements on Wednesday, due to non-compliance with the Banks and Other Financial Institutions Act, 2020.
Hakama Sidi Alli, the acting director of corporate communications at the CBN, announced the appointments late Wednesday. Yetunde Oni has been named the new managing director/chief executive officer of Union Bank, with Mannir Ubale Ringim appointed as executive director. Keystone Bank welcomes Hassan Imam as its new managing director and chief executive officer, while Chioma A. Mang will serve as executive director. For Polaris Bank, Lawal Mudathir Omokayode Akintola steps in as managing director/chief executive officer, and Chris Onyeka Ofikulu is named executive director.
The new appointees bring a wealth of experience from the banking sector. Yetunde Oni, previously managing director/chief executive officer at Standard Chartered Bank, Sierra Leone, is now at the helm of Union Bank. Hassan Imam, formerly an executive director at Fidelity Bank, takes over at Keystone Bank. Polaris Bank’s new leader, Omokayode Mudathir Akintola Lawal, previously served as executive director at Sterling Bank and CEO at Lagos-based Intermediate Equity Partners Ltd.
Mannir Ubale Ringim, now at Union Bank, was a deputy general manager/regional bank head at Fidelity Bank. Chioma A. Mang, appointed at Keystone Bank, previously managed the United Bank for Africa in Sierra Leone. Chris Onyeka Ofikulu, joining Polaris Bank as executive director, was the regional CEO of UBA West Africa.
The CBN’s decisive intervention addresses various infractions, including regulatory non-compliance and corporate governance failures. These issues reportedly ranged from disregarding license conditions to engaging in activities threatening financial stability.
While announcing the management overhaul, the CBN also reassured depositors and the public about the safety and security of their funds. The regulator emphasized its commitment to maintaining a safe, sound, and robust financial system in Nigeria, stating that the banking system of Africa’s largest economy remains strong and resilient.
This strategic move by the CBN reflects its dedication to upholding the integrity of Nigeria’s financial sector. By installing new leadership at these banks, the CBN aims to rectify the compliance issues and reinforce the overall stability of the banking system.
As the Nigerian banking sector continues to evolve, the CBN’s proactive approach in enforcing compliance and ensuring responsible governance is crucial. This action not only addresses immediate concerns but also sets a precedent for the standard of corporate governance and regulatory adherence expected in the sector.
The new management teams at Union Bank, Keystone Bank, and Polaris Bank will now face the task of steering these institutions back into full compliance, restoring stakeholder confidence, and maintaining their pivotal roles in Nigerians financial landscape.
