The Central Bank of Nigeria (CBN) has revealed the new members of the board for Polaris Bank. According to a statement issued on Monday, Kassim Gidado has been appointed as the chairman. Gidado, who currently serves as the chief of staff at MAG Group Limited and as an advisor to various governments, will lead the new board.
In addition, Akwa Okon has been named a non-executive director. Okon, with a background in law and finance, previously served as managing director of the Niger Delta Development Commission and is a chartered accountant. Joining him on the board are Mallam Umar, Ayaba Ayo-Joseph, Giwa-Amu Ibironke, and Onosode Christopher, who will also serve as non-executive directors.
Kayode Lawal, the Managing Director/Chief Executive Officer of Polaris Bank, welcomed the new board members, highlighting that their appointments represent a significant step toward fostering growth and enhancing stakeholder value.
In January, the CBN had disbanded the boards and management teams of Union Bank of Nigeria, Keystone Bank, and Polaris Bank due to alleged governance and regulatory issues.
This action followed the submission of a report by Jim Obazee, the Special Investigator on the CBN and Related Entities, to President Bola Tinubu. Sidi Hakama, acting Director of Corporate Communications at the CBN, noted that the infractions included regulatory non-compliance and governance failures, which posed risks to financial stability.
It is also important to recall that on September 21, 2018, the CBN revoked the operating license of Skye Bank, which was subsequently rebranded as Polaris Bank. At that time, CBN Governor Godwin Emefiele announced that AMCON would take over the bank’s assets and liabilities.
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