…..Announces New CEOs For Lenders
The apex bank’s Acting Director, Corporate Communications, Mrs. Sidi Ali Hakama, in a statement on Wednesday indicated that the dissolution of the deposit money banks’ boards and management became necessary due to the non-compliance of the affected banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020.
She stated that the Banks’ infractions varied from regulatory non-compliance, corporate governance failure, disregard of the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others.
The Director further stated: “The CBN assures the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria. Our Banking system remains strong and resilient.
“The decision to dissolve the boards was taken after a meeting between the CBN Governor, Yemi Cardoso, Obazee and the boards of the four banks including Titan Trust Bank’s investors, who had earlier avoided meeting with the Special Investigator”, she added.
It would be recalled that the Special Investigator, Jim Obazee, had in December 2023 insisted that the Chairman of Titan Trust Bank (TTB), Mr Tunde Lemo, Mr Cornelius Vink and Rahul Savara must appear before it over the acquisition of the Union Bank of Nigeria but the invitee sought for a shift of the date of the meeting.
However, the Investigator rejected Lemo’s request for an extension of time for shareholders to prove their ownership of Titan Trust Bank, insisting that Lemo and the others must appear at the meeting to prove that their acquisition of Union Bank followed due process or risked losing the bank for breaching the regulatory requirements.
Lemo, a former Deputy Governor of the CBN, and others failed to attend the meeting.
Also, the apex bank’s Director, Corporate Communications announced that the CBN management had approved that appointment of Yetunde Oni, the first female CEO of the Standard Chartered Bank in Sierra Leone, as the Chief Executive Officer of Union Bank, while Mannir Ubali Ringim got the Executive Director position slot in the tier-2 bank.
In Keystone Bank, Hassan Imam was appointed as its Chief Executive Officer, while Chioma Mang got the position of Executive Director in the bank.
Also, Lawal Omokayode Akintola was appointed as the Chief Executive Officer of Polaris Bank while Chris Ofikulu secured the Executive Director slot.
