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

The appointments take immediate effect.

Sidi Ali, Hakama (Mrs.)

Ag. Director, Corporate Communications

CBN Dissolves the Board and Management of Union Bank, Keystone Bank and Polaris Bank

The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.

This action 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 CBN assures the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria. Our Banking system remains strong and resilient.

Sidi Ali, Hakama (Mrs.)

Ag. Director, Corporate Communications