The Central Bank of Nigeria has announced the new board of directors for Polaris Bank.
In a statement released on Monday, the bank revealed that Kassim Gidado has been appointed as the board chairman.
Gidado, who is currently the Chief of Staff at MAG Group Limited and an advisor to various governments, will lead the new board.
Additionally, Akwa Okon, who brings a background in law and finance, has been appointed as a non-executive director.
He previously served as managing director of the Niger Delta Development Commission and is a chartered accountant.
Other non-executive directors of the bank are Mallam Umar; Ayaba Ayo-Joseph; Giwa-Amu Ibironke, and Onosode Christopher.
The Managing Director/Chief Executive Officer of Polaris Bank, Kayode Lawal welcomed the new board members, describing their appointments as a significant step towards driving growth and delivering value for stakeholders.
In January, the Central Bank of Nigeria dissolved the boards and managements of Union Bank of Nigeria, Keystone Bank, and Polaris Bank due to alleged corporate governance infractions and non-compliance with regulatory requirements.
This action followed the submission of the final report by Special Investigator Jim Obazee to President Bola Tinubu, which was delivered just three weeks prior.
In a statement by the acting Director of Corporate Communications, CBN, Sidi Hakama, the central bank said the affected banks’ alleged infractions varied from regulatory non-compliance, corporate governance failure, disregarding of the conditions under which their licences were granted, and involvement in activities that posed a threat to financial stability, among others.
