CBN reveals names of dismissed board members of Union, Keystone and Polaris

On Wednesday, the Central Bank of Nigeria (CBN) dissolved the boards and management teams of Union Bank, Keystone Bank, and Polaris Bank.

According to the CBN, the dismissal resulted from the banks' and their respective boards' failure to comply with "provisions of Section 12 (c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020."

The following are the names of the impacted board members:

Union Bank

Farouk Gumel, Board Chairman

Mudassir Amray, managing director/Chief executive officer (MD/CEO)

Aisha Abubakar, non-executive director.

Andrew Ojei, non-executive director.

Abubakar Mohammed, non-executive director.

Mackombo Omoile

Joe Mbulu. Chief Financial Officer and Farouk Gume

Titan Trust Bank Limited is the highest shareholder in Union Bank

In May 2023, Union Bank received an offer from its core shareholder, Titan Trust Bank Limited, to purchase the shares of all minority shareholders in Union Bank following the conclusion of the core investors' transfer of a majority stake to Titan Trust Bank Limited, a subsidiary of TGI Group.

Board of directors of Polaris bank

MK Ahmad, Chairman

Abubakar Danlami Suleiman, Non-executive director

Salma Mohammed, non-executive director

Adeleke Alex Adedipe, non-executive director

Ahmed Almustapha, non-executive director

Francesco Cuzzocrea, non-executive director

Olabisi Olubunmi Odunowo, non-executive director

Adekunle Sonola, executive , managingdirector/CEO,

Abdullahi S Mohammed, executive director, and

Segun Opeke, executive director.

In October 2022, Strategic Capital Investment Limited (SCIL) acquired the bank.

Keystone Bank Board of Directors

Umaru H. Modibbo, chairman

Titilayo Tairat Adebiyi, non-executive director

B.B.Dan-Jabu, non-executive director

Dahiru Chadi, independent non-executive director

Olaniran Olayinka, managing director/ chief executive officer

Adeyemi Odusanya, executive director, south & corporate directorate,

Lawal Jibrin Ahmed, executive director, North & public sector, and

Gemi Aribaloye, executive director, Group risk management

The Asset Management Corporation of Nigeria (AMCON), an institution of Nigeria's federal government, originally owned the bank. Sigma Golf River Bank Consortium owns the bank, which was acquired from the Asset Management Corporation of Nigeria (AMCON) in March 2017.