CBN appoints CEOs, EDs for Union Bank, Polaris, Keystone silent on Titan

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The Central Bank of Nigeria (CBN) has reconstituted the management of Union Bank, Polaris, and Keystone Bank, but left that of Titan Trust Bank in a swift response to its earlier decision to sack the top officials of the four lenders.

 

A statement by the acting Director of Corporate Communication, Hakama Sidi Alli, noted that the regulatory bank has appointed new executives to oversee the affairs of the banks.

The CBN appointed Yetunde Oni as the new managing director of Union Bank and Mannir Ubali Ringim as executive director.

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The apex bank also appointed Hassan Imam as the chief executive of Keystone Bank, while Chioma Mang was named an executive director.

At Polaris Bank, Lawal Mudathir Omokayode Akinola will steer the ship of the lender as chief executive, while Chris Onyeka Officer is appointed executive director.

However, a management team for Titan Trust Bank was yet to be announced.

The CBN director of corporate communications stated that the appointments “take immediate effect.”

In an earlier statement, the CBN announced the dissolution of the board and management of four banks for violation of certain provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The regulatory bank dissolved the board and management of Union Bank, Keystone Bank, and Polaris Bank.

The regulatory bank was silent on the fate of Titan Trust Bank, which the special investigator Jim Obazee had figured ex-CBN governor Godwin Emefiele of using proxies to establish the bank.

A report by special investigator Jim Obaze exposed Emefiele’s alleged use of proxies to establish Titan Trust Bank, funded with ill-gotten gains aimed at acquiring Union Bank.

According to the statement, the dissolution became necessary due to the non-compliance of the banks with the provisions of Section 12(c), (f), (g), and (h) of BOFIA.

PROFILES OF THE CEOs

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.

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On her part, 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).