The Central Bank of Nigeria (CBN) has appointed new leaders for three Nigerian banks, Union Bank, Keystone Bank and Polaris Bank following the dissolution of the board and management of the respective banks owing to non-compliance with BOFIA 2020.

This is contained in a statement issue on Wednesday by the Acting Director of Corporate Communications of CBN, Hakama Sidi Alli, named Yetunde Oni as the new managing director/chief executive officer of Union Bank and Mannir Ubale Ringim as executive director.

Also named is Hassan Imam, who will take the helm as managing director and chief executive officer of Keystone Bank. Chioma A. Mang will serve as executive director of the bank.

A new leadership team was also announced for Polaris Bank, with Lawal Mudathir Omokayode Akintola appointed managing director/chief executive officer and Chris Onyeka Ofikulu named executive director. The appointments take immediate effect, the CBN statement said.

Yetunde Oni (Union Bank) was until her appointment the Managing Director/Chief Executive Officer at Standard Chartered Bank, Sierra Leone, while Hassan Imam (Keystone Bank) served as an Executive Director at Fidelity Bank.

Omokayode Mudathir Akintola Lawal, the new man in charge of Polaris Bank, was Executive Director at Sterling Bank and was until his new appointment the CEO at Lagos-based Intermediate Equity Partners Ltd.

The new Executive Director at Union Bank, Mannir Ubale Ringim, was Deputy General Manager/ Regional Bank Head, North West 1 at Fidelity Bank. In contrast, Chioma A. Mang, the new Executive Director at Keystone Bank, served as Managing Director at the United Bank for Africa, Sierra Leone. Chris Onyeka Ofikulu, who takes office as executive director at Polaris Bank, was regional CEO of UBA West Africa.

The CBN had earlier on Wednesday dissolved the board and management of Union Bank, Keystone Bank and Polaris Bank due to what it described as their “non-compliance with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020”.

“The bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others,” the regulator said while also assuring depositors and the public of the safety and security of their funds.

The CBN also restated its resolve to uphold a safe, sound, and robust financial system in Nigeria, saying the banking system of Africa’s largest economy remains strong and resilient.