CBN Appoints New Board for Polaris Bank, Names Kassim Gidado as Chairman

The Central Bank of Nigeria (CBN) has announced the appointment of a new board of directors for Polaris Bank, marking a significant step in the bank’s leadership restructuring efforts. 

The appointments, disclosed in a statement on Monday, were part of CBN’s ongoing reforms aimed at strengthening corporate governance and compliance within Nigeria’s financial sector.

Kassim Gidado has been named as the chairman of the board. Gidado, who is also the Chief of Staff at MAG Group Limited and an advisor to various governments, brings a wealth of experience to the position. 

His appointment is expected to bolster strategic oversight and drive the bank’s vision forward.

In addition to Gidado, Akwa Okon, a seasoned professional with a robust background in law and finance, was appointed as a non-executive director. 

Okon, a chartered accountant, previously served as the Managing Director of the Niger Delta Development Commission (NDDC), further adding to the financial and governance expertise on the board.

Other newly appointed non-executive directors include Mallam Umar, Ayaba Ayo-Joseph, Giwa-Amu Ibironke, and Onosode Christopher, all of whom are expected to bring diverse industry knowledge to the bank’s leadership team.

Welcoming the new board members, Polaris Bank’s Managing Director and Chief Executive Officer, Kayode Lawal, expressed optimism about the future of the bank to The Punch. 

Lawal described the appointments as a pivotal move toward achieving sustained growth and delivering value to stakeholders, amidst the ever-evolving financial landscape.

The appointment of the new board follows the dissolution of the boards and managements of Union Bank of Nigeria, Keystone Bank, and Polaris Bank by the CBN in January. 

The central bank had taken this action in response to alleged corporate governance infractions and non-compliance with regulatory requirements.

According to a statement from Sidi Hakama, the acting Director of Corporate Communications at the CBN, the affected banks were found to be in violation of several key regulations. 

These ranged from corporate governance failures to activities that posed potential threats to financial stability. 

The move came barely three weeks after the Special Investigator on the CBN and Related Entities, Jim Obazee, submitted a final report to President Bola Tinubu.

It is worth recalling that the CBN had previously revoked the operating licence of Skye Bank on September 21, 2018, following similar concerns over governance and financial stability. 

The bank was subsequently renamed Polaris Bank, with the Assets Management Corporation of Nigeria (AMCON) assuming control of its assets and liabilities under the leadership of then-CBN Governor Godwin Emefiele.

As Polaris Bank enters a new chapter with its reconstituted board, all eyes will be on the leadership team to steer the bank towards renewed stability and profitability.