The Central Bank of Nigeria (CBN) has been captured performing a lightning-speed reset of the affairs of Union Bank, Keystone Bank and Polaris Bank. These institutions have seen their boards dissolved by Nigeria’s central bank which is alleging laxity in their leadership.

A statement released by the CBN’s Corporate Communications department on Wednesday, 10 January summed up the specific reason for the dismissals at the affected banks as going against the purpose of their existence.

It is the laws found in the Banks and Other Financial Institutions Act, 2020 that should guide all eligible companies in their functions and the central bank has reasoned that “the non-compliance of these banks and their respective boards with the provisions” of different sub-sections of the act portends great risk to the health of the banking system.

Press Release: CBN Dissolves the Board and Management of Union Bank, Keystone Bank and Polaris Bank pic.twitter.com/HJmPs8bESD

— Central Bank of Nigeria (@cenbank) January 10, 2024

And so after spotting the crack, to make sure the wheel continues to run healthily in the banking system, the CBN after a few hours of sacking the dysfunctional regime moved to appoint fresh faces to carry on the leadership tasks at the three banks.

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The new appointments at Union Bank, Polaris Bank and Keystone Bank were all Managing Director or Chief Executive Officer and Executive Director Positions.

“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,” part of the statement-making released early Thursday reads.

Those posts have the confidence of the CBN and its occupants are listed after this line.

For Union Bank with immediate effect is Yetunde Oni leading as Managing Director/Chief Executive Officer, while Mannir Ubali Ringim will respond to challenges in the Executive Director post.

Keystone Bank has Hassan Imam as the Managing Director/Chief Executive Officer and Chioma A. Mang as the Executive Director.

Lawal Mudathir Omokayode Akintola is Polaris Bank’s appointed Managing Director/Chief Executive Officer as Chris Onyeka Ofikulu plays the Executive Director role.

Ayodele Johnson

Ayodelé is a Lagos-based journalist and the Content and Editorial Coordinator at Meiza. All around the megacity, I am steering diverse lifestyle magazine audiences with ingenious hacks and insights that spur fast, informed decisions in their busy lives.