The Central Financial institution of Nigeria, introduced in a assertion on January 10, 2024, its appointment of recent executives for Union Financial institution, Keystone Financial institution, and Polaris Financial institution following the dissolution of the banks on the identical day.
The newly appointed executives, who will probably be accountable for overseeing all of the affairs of the banks are:
Union Financial institution
Yetunde Oni — Managing Director/Chief Govt Officer
Mannir Ubali Ringim — Govt Director
Keystone Financial institution
Hassan Imam — Managing Director/ Chief Govt Officer
Chioma A. Mang — Govt Director
Polaris Financial institution
Lawal Mudathir Omokayode Akintola — Managing Director/ Chief Govt Officer
Chris Onyeka Ofikulu — Govt Director
The choice to nominate new management, got here on the dissolution of the board and administration of those banks over alleged violations of Part 12 (c), (f), (g) of Banks and Different Monetary Establishments Act (BOFIA) 2020.
Alleged Infractions included regulatory non-compliance, company governance failure, disregard for the situations of their licences, and involvement in actions that pose a menace to monetary stability.
The dissolution got here as a response to a wave of reactions throughout the nation, after the disclosure of a report by Jim Obaze, particular investigator who was appointed by President Bola Tinubu to scrutinise the actions of former Central Financial institution Governor Godwin Emefiele.
The report that was submitted on December 20, 2023, alleged that Emefiele employed surrogates to acquire shares in a new-generation financial institution throughout his tenure together with 17 different severe allegations that make clear varied monetary irregularities.
With the appointment of recent executives, the CBN assures the general public of the protection and safety of depositors’ funds.
