Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has dissolved the boards of three commercial banks in the country. They are Union Bank, Polaris Bank and Keystone Bank.

Giving an insight into its action, the CBN in a statement signed by its Acting Director of Corporate Communications, Mrs. Sidi Hakama, said “this action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020.”

It added 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 CBN also assured the public of the safety and security of depositors’ funds, saying it remained resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.

The boards of directors and chief executives of the banks were invited to a meeting on Wednesday, January 10 where they were addressed for 30 minutes each by CBN Deputy Governor in charge of Financial System Stability, Phillip Ikeazor.

Three other governors formed the panel that addressed the bank executives. They include the Deputy Governor in charge of Operations, Emem Usoro, Deputy Governor in charge of Economic Policy, Muhammad Abdullahi and the Deputy Governor in charge of Corporate Services, Bala Bello.

The panel reeled out issues of non-compliance and other infractions committed by the affected banks and then formally sacked the boards.

This followed the recent report of the Special Investigator on CBN and related entities, Jim Obazee.

Maritime Bits checks revealed that the special investigator appointed by President Bola Tinubu, had invited the investors in Titan Trust Bank to a meeting, but they reportedly refused to honour the invitation.

Meanwhile, few hours after dissolving the board and management of the three commercial banks, the CBN has appointed Chief Executive Officers (CEOs) and executive directors to oversee their affairs.

The apex bank in a statement issued by the acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, on Thursday, explained that the appointment takes immediate effect.

According to the statement which was obtained by Maritime Bits, Yetunde Oni, the first female CEO of the Standard Chartered Bank in Sierra Leone, was appointed as the CEO of Union Bank while Mannir Ubali Ringim was selected as its Executive Director.

For Keystone Bank, Hassan Imam was appointed as its CEO while Chioma Mang got the position of Executive Director.

In the same vein, the CBN appointed Lawal Mudathir Omokayode Akintola as the CEO of Polaris Bank and Chris Ofikulu as its Executive Director.

“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”, the statement added.


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