CBN Appoints New Executives for Union, Keystone, Polaris Banks

In a recent development, few hours after dissolving the board of directors governing Polaris, Union, and Keystone banks, the Central Bank of Nigeria has appointed new executive directors to oversee the affairs of the deposit money banks.

The apex bank, in a statement signed by the acting Director of Corporate Communications, Sidi Hakama, released this morning, said the appointment takes immediate effect.

According to the statement, the appointments are to take immediate effect.

You will recall that on Wednesday night, the apex bank sacked the entire board of four banks for grievous infringements of financial laws.

It said the banks’ infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licences were granted, and involvement in activities that posed a threat to financial stability, among others.

Hence, the apex bank, in the exercise of its regulatory powers, said the dissolution of the boards became necessary due to the non-compliance of the banks and their respective boards with the provisions of the Financial Institutions Act, 2020.

This action followed the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023, to probe the activities of the CBN and other relevant establishments.