CBN dissolves Union, Keystone, and Polaris Banks Mgt Boards
The Central Bank of Nigeria has dissolved the Board and Management of Union Bank, Polaris Bank and Keystone Bank on Wednesday, January 10, 2024.
The apex bank has also appointed new executives to oversee the operation of the banks instantly.
The action, according to the CBN, became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020. The Bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others.
The infractions were laid bare by a recent report of the Special Investigator on Central Bank of Nigeria (CBN) and Related entities, Jim Obazee.
In a fresh statement signed by its Acting Director of Corporate Communications, Sidi Hakama, on Wednesday night, the apex bank said the new appointments take immediate effect.
It reads in part:
“Following the dissolution of the Board and Management of Union Bank, Keystone Bank and Polaris Bank on Wednesday, January 10, the CBN has appointed new executives to oversee the affairs of the banks;
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”
It would be recalled that Jim Obazee had warned Tunde Lemo, Chairman of Titan Trust Bank (TTB), and the two major investors in the bank of dire consequences if they failed to appear before the team of investigators on Thursday, December 28, 2023, over TTB’s acquisition of Union Bank in 2022.
The special investigator’s letter of warning followed a letter of excuse from the law firm of G. Elias, lawyers to TTB and UBN, requesting the postponement of Thursday’s scheduled meeting to the second week in January 2024.
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