On January 10, 2024, the Central Bank of Nigeria (CBN) immediately dissolved the executive board and management of Union Bank, Polaris Bank, and Keystone Bank. Following this decision, the CBN appointed new executive board members, with Yetunde Oni becoming the first female CEO and Managing Director of Union Bank after 107 years of operation since 1917.
Here are a few things you need to know about Yetunde Oni:
- Yetunde Oni has 25 years of experience in the finance industry.
- She holds a bachelor’s degree in Economics from the University of Ibadan and an MBA in Business Administration from Bangor University, Wales.
- Her banking career began in 1994 with Prime Merchant Bank, followed by 11 years as a Relationship Manager at Eco Bank.
- She joined Standard Chartered Bank in 2005 and meticulously rose in rank in the following years. She held various positions, including Senior Account Relationship Manager, Wholesale Banking Branch Head, and Head of Local Corporates.
- She became Managing Director and Country Head of Commercial Banking for West Africa in 2014.
- She has also served as the first female Managing Director and CEO at Standard Chartered Bank in Sierra Leone.
Yetunde Oni’s appointment as the CEO and Managing Director of Union Bank further amplifies her credibility and tenacity as a woman in the corporate finance industry. Her success is glaring evidence of her competence and a deep desire for high achievement following her experience and successes. This appointment is a milestone for Nigerian women and African women as a whole.
The Central Bank’s decision
In a press release by The CBN, the regulatory body stated the non-compliance of the banks and their boards with the provisions of Section 12(C), (F), (G), and (H) of the Banks and Other Financial Institutions Act, 2020. The CBN also stated in this press release that the board’s failures vary from non-compliance with regulations to disregard of licenses and involvement in unsanctioned activities that threaten financial stability and other activities.
In the same breath, the CBN assured the public of the safety of depositors’ funds and promised to maintain its mandate to uphold a safe and sound financial system in Nigeria.
The CBN appointed new executive board members for Union Bank, Keystone Bank, and Polaris Bank in the following hours. In the press release, the CBN stated that the appointment of the new executives takes immediate effect.