CBN names new executives for Union, Keystone, Polaris, lists crimes committed by banks

The Central Bank of Nigeria has appointed new executive directors to oversee the affairs of three deposit money banks; Polaris Bank, Union Bank, and Keystone Banks, over the infringements of financial laws.

This comes after the apex bank fired the entire board of directors of Polaris, Titan, Union, and Keystone Banks.

According to a statement signed by Sidi Hakama, the acting Director of Corporate Communications of CBN, on Thursday morning, the appointment takes effect immediately.

It stated that, among other things, the banks' violations included failing to follow corporate governance guidelines, violating the terms of their licenses, and engaging in operations that may have jeopardised the financial system's stability.

The new appointees

The Punch reported that Yetunde Oni, the first female CEO of the Standard Chartered bank in Sierra Leone, was named Chief Executive Officer of Union Bank, while Mannir Ubali Ringim was named the Executive Director of the tier-2 bank.

Hassan Imam was named Chief Executive Officer of Keystone Bank, and Chioma Mang was named Executive Director.

The CBN also named Chris Ofikulu Executive Director and Lawal Mudathir Omokayode Akintola Chief Executive Officer of Polaris Bank.

The CBN statement read: “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

Investigation reveals more

In a recent development, President Bola Tinubu, through the Economic and Financial Crimes Commission (EFCC), has dug deep in his quest to unveil the alleged fraudulent foreign exchange that crippled the naira against the dollar during the time of Godwin Emefiele as governor of the CBN.

According to The Punch, the anti-graft agency had written to more than 85 entities, including corporate organisations and individuals, over its ongoing investigation into the allegation that fraudulent foreign exchange rates were rampant under the embattled former governor of the CBN, Emefiele.

It was learned that discoveries in the current probe of forex transactions under Emefiele's reign could be included in the amended charges against the embattled former CBN governor.