By 
The Central Bank of Nigeria (CBN) has announced the appointment of a new board of directors for Polaris Bank, with Kassim Gidado appointed as the board chairman. This was disclosed in a statement released by the bank on Monday.
Gidado, who serves as the Chief of Staff at MAG Group Limited and has experience advising various governments, will lead the board as Polaris Bank seeks to strengthen its governance and operational framework.
In addition to Gidado, Akwa Okon has been named a non-executive director. Okon, a chartered accountant with expertise in law and finance, previously held the position of managing director at the Niger Delta Development Commission (NDDC). Other non-executive directors on the board include Mallam Umar, Ayaba Ayo-Joseph, Giwa-Amu Ibironke, and Onosode Christopher.
Kayode Lawal, Managing Director and Chief Executive Officer of Polaris Bank, welcomed the newly appointed board members. He described their appointments as a positive step toward enhancing the bank’s growth and delivering value to its stakeholders.
This board restructuring follows the CBN’s actions earlier this year, when it dissolved the boards and management of Union Bank of Nigeria, Keystone Bank, and Polaris Bank. The decision was made due to alleged corporate governance violations and non-compliance with regulatory requirements.
The CBN’s move came shortly after Jim Obazee, the Special Investigator on the CBN and Related Entities, submitted his final report to President Bola Tinubu. The investigation revealed a range of infractions at the affected banks, including regulatory breaches, governance failures, and actions that posed threats to financial stability.
It is worth noting that Polaris Bank emerged following the revocation of Skye Bank’s operating license in September 2018. At the time, former CBN Governor Godwin Emefiele announced that the Asset Management Corporation of Nigeria (AMCON) would assume control of Skye Bank’s assets and liabilities, subsequently rebranding it as Polaris Bank
Comments