CBN Sacks Management and Boards of Polaris, Union and Keystone Banks, Appoints New Ones

The Central Bank of Nigeria (CBN) has taken over Polaris, Union, and Keystone Banks, after sacking their entire management and Board of Directors.

CBN on Wednesday, said the dissolution followed the failure of the banks to comply with the provisions of the Banks and Other Financial Institutions Act of 2020.

The apex bank listed the infractions as regulatory non-compliance, corporate governance failure, and disregard for the conditions under which their licenses were granted.

Also, it accused them of involving the banks in activities that pose a threat to the financial system.

On Thursday morning, the apex bank in a statement issued by its acting Director of Corporate Communication, Sidi Hakama, appointed new executive directors to run the three banks.

For the Keystone Bank, the new Managing Director/Chief Executive Officer is Hasaan Imam, while the Executive Director is Chioma Mang.

Read Also:

CBN Assures Depositors of The Safety of Their Funds in Nigerian Banks

Akintola Lawal is the new Managing Director of Polaris Bank, and the new Executive Director is Chris Ofikalu.

For the Union Bank, the new Managing Director is Yetunde Oni and the Executive Director is Manir Ubali Ringim.

The CBN, however, assured the public of the safety and security of depositors’ funds, stressing that it remained resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.

The CBN assures the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.

Our banking system remains strong and resilient, it stated.

The dissolution of the boards came days after the Special Investigator of the apex bank, Obazee, claimed that the bank was acquired by Emefiele, using fronts.

Obazee advised FG to take over the banks, strengthen and sell them off.