CBN Okays New Hands To Manage Union Bank, Keystone Bank, Polaris Bank


BY EDMOND ODOK – In a move seen as injecting fresh blood and repositioning them for effective service delivery, the Central Bank of Nigeria (CBN) has appointed new executives to manage the affairs of Union Bank, Keystone Bank, and Polaris Bank.

The apex Bank’s decision announced on Wednesday, January 10, 2023, follows the dissolution of the Board and Management of the three affected financial institutions.

With this new arrangement, the Union Bank’s affairs will be handled by Yetunde Oni as Managing Director/Chief Executive Officer and Mannir Ubali Ringim in the Executive Director’s capacity.

For Keystone Bank, Hassan Imam will serve as the Managing Director/Chief Executive Officer with Chioma A. Mang as the Executive Director

On its part, Polaris Bank has Lawal Mudathir Omokayode Akintola as the Managing Director/Chief Executive Officer while Chris Onyeka Ofikulu will serve as Executive Director

According to a statement signed by the Acting Director, Corporate Communications of the CBN, Mrs Sidi Ali, Hakama, “The appointments take immediate effect.”

Meanwhile, this latest development is considered by financial experts as a bold step by the CBN in its ongoing efforts to restructure and strengthen the nation’s financial sector in line with the demands of Nigeria’s current economic situation.

Insiders hinted that the decision may not be unconnected with certain observations and submissions contained in the yet-to-be-made official report of the probe conducted by the Special Investigator on the CBN and Related Entities, Jim Obazee.

It was further gathered the dissolving of the affected banks’ boards and having new faces to man their affairs, for now, was a decision reached during what the insiders described as a “serious stakeholders meeting” involving the CBN Governor, Yemi Cardoso, Obazee, and the affected banks’ boards and management teams.

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