Afrigather Nigeria’s Central Financial institution (CBN) has appointed new board members for Union Financial institution, Keystone Financial institution, and Polaris Banks following the dissolution of previous board members yesterday. The Central Financial institution of Nigeria (CBN) dissolved the board of administrators of the three banks on Wednesday evening, citing regulatory non-compliance and company governance failure. The apex financial institution additionally stated they have been concerned in actions threatening their monetary stability.
In line with a CBN announcement, a CEO and an govt director have every been employed for the affected banks to supervise the frameworks of the three banks.
Yetunde Oni, a former CEO of Normal Chartered Financial institution, Sierra Leone, is the brand new Union Financial institution CEO alongside Mannir Ubani Ringim, the financial institution’s new Govt Director. Oni replaces Mudassir Amray, the earlier Managing Director/Chief Govt Officer (MD/CEO) of Union Financial institution.
Hassan Imam, an Govt Director of the North Directorate of Constancy Financial institution, will head Keystone Financial institution as CEO. Chioma A. Mang will play the position of Keystone’s Govt Director. Imam replaces Olaniran Olayinka.
Lawal Mudathir Omokayode Akintola, a director at Sage Gray Finance Restricted, will head Polaris Financial institution as CEO, and Chris Ofikulu will probably be its govt director. Earlier than this shock announcement, Akintola had barely settled into his position at Sage Gray Finance Restricted 10 months in the past.
Per the CBN, the appointment will take speedy impact. The dissolution and substitute of board members comes weeks after Jim Obazee’s investigation into the Central Financial institution underneath former Governor Godwin Emefiele’s alleged questionable financial institution acquisitions. Obazee’s report claims Emefiele used proxies to buy these banks with out documented cost.
The current dissolution of economic financial institution board members isn’t a primary within the nation. In 2016, the CBN sacked the board of administrators at Skye Financial institution for a failure to satisfy the regulated capital adequacy ratio, a measure of the financial institution’s capability to deal with monetary dangers. The Apex Financial institution revoked the bank’s licence in 2018, permitting Polaris Financial institution to take over the financial institution’s belongings and liabilities. In 2021, the CBN additionally dissolved the board of First Financial institution of Nigeria after the board eliminated the managing director and chief govt officer with out acquiring regulatory approval.
The CBN has seems to be growing scrutiny and tightening regulatory controls over industrial banks because the appointment of its present governor, Yemi Cardoso. This week, the Financial and Monetary Crimes Fee (EFCC) reportedly summoned the heads of 4 Nigerian banks for questioning over potential irregularities of their overseas change transactions.
*Further reporting by Joseph Olaoluwa
