Polaris Bank announces new board, appoints Kassim Gidado as chairman

The Central Bank of Nigeria has appointed members of the board of directors for Polaris Bank.

The bank, in a statement on Monday, said the board will be headed by Kassim Gidado as the chairman.

Other non-executive directors appointed include Akwa Okon, Ambursa Umar, Ayaba Ayo-Joseph, Giwa-Amu Ibironke, and Onosode Christopher.

Speaking on the appointments, Kayode Lawal, managing director and chief executive officer (CEO) of the bank said the diverse expertise and experience of the new board members would further enrich ongoing strategic initiatives aimed at strengthening the firm’s position as a leading digital bank.

“We are thrilled to welcome these seasoned professionals to the board of Polaris Bank,” Lawal said.

“Their diverse expertise and leadership qualities will be invaluable as we drive our strategic initiatives aimed at strengthening the bank as a leading Nigeria digital bank.

“These appointments mark a significant step in Polaris Bank’s journey towards achieving sustained growth and delivering exceptional value to our stakeholders.”

According to the statement, Gidado, the new board chairman, is an academic with over 35 years of experience in the fields of engineering, project management and strategic development.

“He brings a wealth of expertise and a dynamic vision to the bank’s board. He has held prestigious roles, including Group Managing Director and Chief of Staff at MAG Group Limited where he managed a diverse portfolio of companies across 35 countries.

“His extensive experience in public-private partnerships and infrastructure development, among other strategic footprints, will be invaluable to the growth and development of Polaris Bank.

“Over the years, he has advised governments and captains of industry on several strategic and policy issues in procurement, infrastructure development, and security.”

The bank also said he recently championed the development of the north-east stabilisation and development master plan (NESDMP) for the north-east development commission and produced the document that sets the commission up for the implementation of the NESDMP until the year 2030.

On January 10, the CBN dissolved the boards and managements of Polaris, Union, and Keystone Banks.

The CBN, in a statement signed by Hakama Sidi Ali, its acting director of corporate communications, said the action became necessary due to the noncompliance of the banks and their respective boards with “provisions of Section 12 (c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020”.

Less than 24 hours later, new CEOs were appointed for the banks by the financial regulator.