Chioma A. Mang, the Managing Director/CEO of United Bank for Africa in Uganda, has turned down an appointment by the Central Bank of Nigeria (CBN) to take up the Executive Director role at the troubled Keystone Bank.
Following the January 10th 2024 dissolution of the Board and Management of three Nigerian banks- Union Bank, Keystone Bank, and Polaris Bank, CBN announced that it had appointed Chioma A. Mang as the Executive Director of Keystone Bank.
Hassan Imam was appointed Managing Director/ Chief Executive Officer of Keystone Bank.
CBN also appointed Yetunde Oni and Mannir Ubali Ringim as Managing Director/Chief Executive Officer and Executive Director, respectively for Union Bank. Lawal Mudathir Omokayode Akintola and Chris Onyeka Ofikulu have been appointed as Managing Director/ Chief Executive Officer and Executive Director respectively, for Polaris Bank.
The board and management of the three banks were fired “due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020” according to the CBN.
“The Bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others,” according to a January 10th 2024 statement by the CBN.
But CEO East Africa Magazine understands that after Chioma briefly flew to Nigeria, she has rebuffed the appointment and returned back to her role as Managing Director/CEO at UBA Uganda.
dfcu Bank Partners with Jubilee Health to Launch BlueCare Health Insurance SolutionWe also understand that she was yet to formally resign her position in Uganda by the time of the CBN appointment. It is also not clear whether she had had prior negotiations with the CBN or if she had consented to the appointment, before the CBN announced her appointment.
Repeated efforts and reminders by this publication to contact Chioma Mang for a comment on the matter via her known email and phones, remain unanswered since February 10th.
CBN has since hired Nnenna Anyim Okoro as Executive Director. She has been the Head of Consumer Sector in the Corporate and Investment Banking Division of Stanbic IBTC in Nigeria. She was also the Non-Executive Director, Board of Stanbic IBTC Pension Managers Limited.
Nnenna Anyim Okoro brings with her 27 years of experience in financial services across five institutions including three international banks – Citibank, Standard Chartered Bank, and Stanbic IBTC Bank. She holds a Bachelor of Science (BSc.) degree in Banking & Finance from the University of Nigeria, Nsukka. She is a Sloan Fellow at the prestigious London Business School, obtaining a Master of Science (MSc.) Degree in Leadership and Strategy.
In addition to her academic achievements, Nnenna attended the Advanced Management Program (AMP) at the Lagos Business School (Pan African University) and successfully completed executive strategic programs at renowned institutions such as Said Business School – Oxford University UK, INSEAD, Cranfield School of Management UK, and Columbia Business School USA. She is also a published author with Westbow Press USA.
