The Central Bank of Nigeria (CBN) on Wednesday dissolved the board and management teams of Union Bank, Keystone Bank, and Polaris bank.
According to the CBN, the dismissal followed the non-compliance of the banks and their respective boards with “provisions of Section 12 (c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020.
Here are the names of the affected 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 acquire the shares of all minority shareholders in Union Bank after the completion of the core investors’ sale of a majority shareholding to Titan Trust Bank Limited, a subsidiary of TGI Group.
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 bank was previously owned by the Asset Management Corporation of Nigeria (AMCON), an arm of the Federal Government of Nigeria. Sigma Golf River Bank Consortium owns the bank after being acquired from the Asset Management Corporation of Nigeria (AMCON) in March 2017.
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 , managing director/CEO,
In October 2022, the bank was acquired by Strategic Capital Investment Limited (SCIL).
