Home Politics Polaris Bank CBN CBN Appoints New Management for Polaris, Keystone and Union...

Polaris Bank CBN CBN Appoints New Management for Polaris, Keystone and Union Banks

By Uche Amunike
The Central Bank of Nigeria (CBN), has appointed new managements to take over the affairs of Polaris Bank, Union Bank and Keystone bank whose boards and managements were dissolved, Wednesday.
Speaking, through a statement released, Wednesday, by the Acting Director of Corporate Communications at the CBN, Hakama Sidi Alli, Yetunde Oni has been appointed as the new Managing Director/Chief Executive Officer of Union Bank, while Mannir Ubale Ringin was named Executive Director.
In Keystone Bank, Hassan Imam was appointed Managing Director/Chief Executive Officer, while Chioma A. Mang is to be the Executive Director.
As for Polaris Bank, the new management team has Lawal Mudathir Omokayode Akintola as the new Managing Director/Chief Executive Officer, while Chris Onyeka Ofikulu was appointed Executive Director.
According to the statement by the CBN, the appointments take immediate effect.
Until her appointment, Yetunde Oni of the Union Bank was the Managing Director/Chief Executive Officer of Standard Chartered Bank, Sierra Leone, while Hassan Imam of the Keystone Bank was an Executive Director of Fidelity Bank.
As for the new man in Polaris Bank, Omokayode Mudathir Akintola Lawal, he was, until his new appointment, the Chief Executive Officer at Intermediate Equity Partners Limited, Lagos, while the new Executive Director at Union Bank, Mannir Ubale Ringim, served as Deputy Manager/Regional Bank Head, North West 1, Fidelity Bank.
The new Executive Director at Keystone Bank,  Chioma A. Mang, on her part, served in her capacity as Managing Director at the United Bank of Africa, Sierra Leone, even as Chris Onyeka Ofikulu, formerly of the position of CEO, UBA West Africa, is now Executive Director at the Polaris Bank. Recall that earlier, the CBN dissolved the board and management of Union Bank, Keystone Bank and Polaris Bank as a result of what it called the ‘non-compliance with the provisions of section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020.’
While assuring depositors and the public that their funds were safe and secure, the regulator stated that: ‘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 Apex Bank also restated its determination to maintain a robust, safe and sound system of finance in the country as they vouched for the banking system in Africa’s largest economy to be strong and resilient.
Meanwhile, this new development was initiated after the recommendation of special investigator, Jim Obazee, who was appointed by President Bola Tinubu in July 2023, to probe the activities going on in the apex bank and other relevant institutions.
In his report to President Tinubu on December 20, he stated that the former CBN Governor, Godwin Emefiele, established TTB with ill-gotten wealth and used it t to acquire Union Bank and Keystone Bank through certain people who stood as his proxies.
His investigations further revealed questionable ownership and loans that were linked to Mr. Emefiele, thus, his recommendation that the affected banks be forfeited to the federal government.14:12

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