The Central Bank of Nigeria (CBN) has appointed new leadership for three of the country’s deposit money banks just hours after dissolving their boards.
The CBN said the shakeup aims to address financial regulation violations, News About Nigeria reports.
On Thursday, the apex bank named Yetunde Oni as Chief Executive Officer of Union Bank. Oni formerly led Standard Chartered in Sierra Leone, becoming the first female CEO there.
Mannir Ubali Ringim was also tapped as Union Bank’s Executive Director.
For Keystone Bank, Hassan Imam and Chioma Mang were appointed as CEO and Executive Director, respectively.
Meanwhile, Lawal Mudathir Omokayode Akintola was named Polaris Bank’s new CEO, with Chris Ofikulu joining as Executive Director.
The apex bank, in a statement signed by the acting Director of Corporate Communications, Sidi Hakama, released on Thursday morning, said the appointment takes immediate effect.
News About Nigeria reported that the CBN sacked the entire boards of Union, Keystone, and Polaris banks along with one other institution on Wednesday night.
The central bank cited infractions including disregard for licencing conditions, governance failures, and activities threatening financial stability.
The shakeup follows a probe headed by investigator Jim Obazee, appointed by President Bola Tinubu last July.
The investigation accused former CBN Governor Godwin Emefiele of improperly acquiring banks for proxies like Titan Trust Bank and Keystone without payment.
Responding to the report’s findings, the CBN ousted the banks’ boards for flouting Nigeria’s 2020 Financial Institutions Act.
The leadership changes aim to rectify the specified violations and misconduct.
Appointing Oni makes history as Union Bank’s first female chief executive. The new bank heads have their work cut out to maintain stability after the regulator’s dramatic intervention.
