CBN releases names of sacked board members of Union, Keystone, Polaris

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

Related News

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).

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.