A day after the boards and management of Keystone Bank and Polaris Bank was dissolved, the Central Bank of Nigeria (CBN) has announced new appointment for the top leadership positions. Ms. Sidi-Ali, a spokesperson for the Central Bank of Nigeria (CBN), confirmed that Hassan Imam and Chioma Mang have been appointed as the new Managing Director/CEO and Executive Director of Keystone Bank, respectively. Simultaneously, Lawal Akintola has taken over as the Managing Director/CEO of Polaris Bank, with Chris Ofikulu assuming the role of Executive Director.
Ms. Sidi-Ali emphasized that the appointments are effective immediately. The decision to overhaul the leadership of these banks comes in the wake of a report submitted by a special investigator panel probing the CBN.
The panel’s report implicated former CBN governor, Godwin Emefiele, in utilizing two Dubai-based companies, Luxis International and Magna International, as proxies for the establishment of Titan Trust Bank (TTB) to acquire Union Bank. The allegations prompted the special investigator panel, led by Jim Obazee, to summon Babatunde Lemo, the chairman of TTB, on December 24, 2023.
Moreover, the report raised concerns about potential improprieties in the transactions related to the acquisition of Keystone Bank. The decision to dissolve the boards and management of the affected banks and appoint new leadership is seen as a response to the findings of the special investigator panel.
ChatNews TV will continue to provide updates on any further developments in this matter. The shake-up in leadership reflects the commitment to transparency and accountability within the banking sector.
