Polaris Bank Gets New Board of Directors as CBN Implements Major Transition
In a significant development aimed at reinforcing the stability and future growth of Nigeria’s banking sector, the Central Bank of Nigeria (CBN) has constituted a full Board of Directors for Polaris Bank. The appointment of a ten-man board, featuring a blend of seasoned professionals, reflects Polaris Bank’s ongoing transformation under its new management and heralds a new chapter for the institution as a leading digital commercial retail bank.
The newly constituted board is chaired by Dr. Kassim Gidado, an academic and professional with over 35 years of experience in engineering, project management, and strategic development. His appointment is expected to bring a wealth of knowledge and dynamic leadership to the bank’s governance. Dr. Gidado’s professional achievements include serving as Group Managing Director and Chief of Staff at MAG Group Limited, where he managed a diverse portfolio of companies across 35 countries.
Known for his involvement in public-private partnerships and infrastructure development, Dr. Gidado has advised governments and industry leaders on various strategic issues. One of his notable contributions includes the creation of the North-East Stabilisation and Development Master Plan (NESDMP), which he developed for the North-East Development Commission, setting the blueprint for development in the region until 2030. A recognised community leader, he holds the title of Wazirin Jam’are in Jam’are Local Government, Bauchi State.
The new board also includes Dr. Akwa Effiong Okon, a distinguished Chartered Accountant with a doctorate in Law, who has previously held senior positions at the Niger Delta Development Commission (NDDC) and FHA Mortgage Bank. Dr. Okon’s expertise in finance and leadership, enhanced by his executive education at London Business School, will further strengthen the bank’s governance.
Other appointees include Mallam Ambursa Abubakar Umar, a financial expert with over 30 years of experience in the banking sector, including a tenure at the Central Bank of Nigeria. Mallam Umar’s experience in risk management and development finance will bring valuable insights to the board.
Also joining the board are Mrs. Ayaba Ayo-Joseph, a seasoned professional in corporate management and strategic execution, and Mrs. Subulade Giwa Amu, an expert in financial services, real estate investment, and business process re-engineering. Dr. Onosode Christopher, an economist with extensive experience in strategy and operations, rounds out the non-executive directors, bringing his expertise from roles with multinational corporations and financial institutions like Shell Petroleum and PricewaterhouseCoopers.
The executive management team, led by Mr. Kayode Lawal, Managing Director/CEO, remains firmly in place, with the support of new board members. Mr. Lawal is an accomplished banking professional with over three decades of experience, previously serving as Executive Director of Corporate and Investment Banking at Sterling Bank Plc. He is joined by other key executives, including Mr. Chris Ofikulu, Executive Director, Retail and Commercial Banking; Mrs. Abimbola Ozomah, Executive Director, Corporate and Investment Banking; and Mr. Sharafadeen Muhammed, Executive Director, Operations.
Strategic Direction for Polaris Bank
This significant reshuffle underscores Polaris Bank’s commitment to remaining at the forefront of the digital banking landscape in Nigeria, especially in the post-recapitalisation era. The expertise and leadership experience of the new board members are expected to drive the bank’s strategic initiatives, bolstering its position as a competitive force within the industry.
In welcoming the new directors, Mr. Kayode Lawal expressed optimism about the bank’s future trajectory. He stated, “We are thrilled to welcome these seasoned professionals to the board of Polaris Bank. Their diverse expertise and leadership qualities will be invaluable as we drive our strategic initiatives aimed at strengthening our position as a leading digital bank in Nigeria. These appointments mark a significant step in Polaris Bank’s journey towards achieving sustained growth and delivering exceptional value to our stakeholders.”
This move by the CBN and the strengthened leadership team signals a renewed focus on building a resilient, innovative, and customer-centric institution, ready to meet the evolving needs of Nigeria’s financial landscape.
End of an Era, Start of a New Chapter
The new board appointments are seen by many industry observers as a subtle endorsement of the quiet but impactful business re-engineering efforts led by Mr. Lawal’s executive management. This transition is expected to enhance the public’s confidence in Polaris Bank’s operations and ensure its long-term stability.
As the bank continues on its path of transformation, the newly constituted board is expected to play a pivotal role in guiding Polaris Bank’s strategic direction, positioning it as a leader in digital banking while maintaining its commitment to innovation and growth.
