CBN Appoints New Board Members for Nigerian Banks

Nigeria’s apex bank has appointed new board members for the three commercial banks whose boards it dissolved. The Central Bank of Nigeria dissolved the board of directors of Union, Keystone and Polaris banks citing regulatory non-compliance and corporate governance failure. The dissolution and replacement of board members comes weeks after Jim Obazee’s investigation into the Central Bank under former Governor Godwin Emefiele’s alleged questionable bank acquisitions. Obazee’s report claims Emefiele used proxies to purchase these banks without evidence of payment. Yetunde Oni takes over the helm of affairs at Union Bank alongside Mannir Ubani Ringim, the bank’s new executive director. Hassan Imam will head KeystoneBank as CEO.