New executive members have emerged for some banks in Nigeria.

This follows their appointment by the Central Bank of Nigeria which announced the development.

The affected banks are Union Bank, Keystone Bank and Polaris banks. The boards of the banks were dissolved on Wednesday.

The acting director of Corporate Communication, Sidi-Ali Hakama, made this disclosure in a circular dated January 10 2024.

According to the CBN, the new executive officers will now oversee the affairs of the banks.

In addition, the apex bank noted that the appointment will take effect immediately.

The CBN said,  “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 bank;

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 appointments take immediate effect.”

The Central Bank of Nigeria officially dissolved the Board and Management of three prominent banks — Union Bank, Keystone Bank, and Polaris Bank.

The apex bank cited several concerns leading to this decision, including regulatory non-compliance, failures in corporate governance, and involvement in activities threatening financial stability.

“This action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12©, (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020. 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.” Mrs. Sidi Ali, Hakama, the Acting Director of Corporate Communications at the CBN said.

In December 2023, the Special CBN Investigator, Jim Obazee, summoned Titan Trust Bank’s (TTB) chairman, Babatunde Lemo, for questioning regarding TTB’s acquisition of Union Bank of Nigeria Plc (UBN).

The special investigator had in his report alleged that some persons were used as proxies by a former CBN Governor, Godwin Emefiele, to set up Titan Trust Bank and acquire Union Bank

However, Titan Trust Bank issued a press release denying any wrongdoing.

A leaked report by the Special Investigation on the Central Bank of Nigeria and other entities also alleged financial and legal irregularities within the Central Bank of Nigeria (CBN) under the leadership of Godwin Emefiele.