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CBN replaces sacked Union, Polaris, Keystone bank CEOs

The Central Bank of Nigeria (CBN) has announced the appointment of new chief executive officers for Union, Keystone and Polaris banks following the sacking of the board of the companies.

In a statement on Wednesday, signed by Sidi-Ali Hakama, CBN’s acting director of corporate communication, the newly appointed executives for Union Bank are Yetunde Oni, managing director (MD) and chief executive officer (CEO) and Mannir Ubali Ringim, executive director (ED).

The CBN said Hassan Imam and Chioma A. Many will lead the affairs of Keystone Bank as CEO and ED, respectively.

The apex bank also named Lawal Mudathir Omokayode Akintola and Chris Onyeka Ofikulu as the CEO and ED of Polaris Bank respectively.

According to the regulator, the new executive officers will now oversee the affairs of the banks with “immediate effect”.

On Tuesday, the CBN dissolved the boards of the three banks with immediate effect, citing some infractions ranging from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, involvement in activities that pose a threat to financial stability, among others.

Following his appointment, Imam will take over from Olaniran Olayinka, who has served as the CEO and MD of Keystone Bank, since 2020 when he assumed the position.

With a wealth of 25 years of experience in various aspects of banking, Imam has consistently leveraged his expertise to enhance market share across critical sectors.

Imam also holds a bachelor’s degree in economics and has pursued two master’s degrees, including an MBA. He is an alumnus of Business School Netherlands and is a member of the Chartered Public Accountant.

Prior to his appointment to lead Polaris Bank, Lawal was the former executive director at Sterling Bank. Until his new appointment, he was the CEO of Intermediate Equity Partners Ltd — a financial consultancy firm incorporated in Lagos on October 4, 2018.

Oni will leverage her 25 years of experience in leading Union Bank as CEO. Her academic background includes a degree in economics from the University of Ibadan in 1991, executive training at Oxford University in 2016, and an MBA in business administration from Bangor University in 2020.

She is known for her role in originating client solutions, managing teams, and talent development, and is recognised as a tenacious leader with a track record of navigating complex business decisions.

Oni’s banking career started at Prime Merchant Bank Treasury & Money Markets Group from where she joined Ecobank Nigeria as a relationship manager in the Institutional Banking Group for 11 years (1994 – 2005).

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