The Central Bank of Nigeria (CBN) has reconstituted the management of Union Bank, Polaris, and Keystone Bank whose Boards and Management were sacked by the CBN on Wednesday. The apex bank is yet to take a decision over Titan Trust Bank whose Board and Management was also sacked.
Although the initial statement from the CBN did not immediately say who was taking charge of the affected banks, a follow-up statement by the acting Director of Corporate Communication, Hakama Sidi Alli, noted that the regulatory bank has appointed new executives to oversee the affairs of the banks.
According to her, the CBN appointed Yetunde Oni as the new managing director of Union Bank and Mannir Ubali Ringim as executive director. The regulatory bank also appointed Hassan Imam as the chief executive of Keystone Bank, while Chioma Mang was named an executive director. At Polaris Bank, Lawal Mudathir Omokayode Akinola will steer the ship of the lender as chief executive, while Chris Onyeka is appointed executive director.
However, the regulatory bank failed to appoint a management team for Titan Trust Bank while it was yet to reconstitute the dissolved board of directors of the three lenders. The CBN director of corporate communications stated that the appointments “take immediate effect.”
In an earlier statement, the CBN announced the dissolution of the board and management of four banks for violation of certain provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The regulatory bank dissolved the board and management of Union Bank, Keystone Bank, and Polaris Bank. The regulatory bank was silent on the fate of Titan Trust Bank, which the special investigator Jim Obazee had figured ex-CBN governor Godwin Emefiele of using proxies to establish the bank.
A report by special investigator Jim Obaze exposes Emefiele’s alleged use of proxies to establish Titan Trust Bank, funded with ill-gotten gains aimed at acquiring Union Bank. So far, the CBN regulatory actions have spared the Titan Trust Bank as observers attributed the regulatory bank action to the need for thorough investigations.
According to the statement, the dissolution became necessary due to the non-compliance of the banks with the provisions of Section 12(c), (f), (g), and (h) of the Banks and Other Financial Institutions Act (BOFIA).
