Editor
The Central Bank of Nigeria (CBN) has announced a full Board of Directors for Polaris Bank, Nigeria’s foremost digital commercial retail Bank, marking a significant transition that underscores the impressive accomplishments of the new management and the Bank’s future trajectory.
In a statement released by Mr. Omokayode Mudathir Lawal, MD/CEO of Polaris Bank Limited on Wednesday in Lagos, he expressed his delight in welcoming these seasoned professionals to the board of Polaris Bank.
The MD/CEO highlighted that their diverse expertise and exceptional leadership qualities will be invaluable as they drive strategic initiatives aimed at fortifying the Bank’s position as a leading digital Bank in Nigeria.
“These appointments represent a notable stride in Polaris Bank’s journey towards achieving sustained growth and delivering exceptional value to its stakeholders.”
The ten-member board is led by Dr. Kassim Gidado as Board Chairman. Other Non-Executive Directors include: Dr. Akwa Effiong Okon, Mallam Ambursa Abubakar Umar, Mrs. Ayaba M. Ayo-Joseph, Mrs. Subuuade Giwa Amu, and Dr. Onosode Christopher. Dr. Kassim Gidado, the newly appointed Board Chairman, is an erudite academic with over 35 years of experience in Engineering, Project Management, and Strategic Development. His wealth of expertise and innovative vision brings a dynamic perspective to the Bank’s Board.
He has held esteemed positions, such as Group Managing Director and Chief of Staff at MAG Group Limited, overseeing a diverse portfolio of companies across 35 countries. His extensive background in public-private partnerships and infrastructure development, among other strategic endeavors, will be instrumental to the growth and progress of Polaris Bank.
Throughout his career, he has provided counsel to governments and industry leaders on various strategic and policy matters in procurement, infrastructure development, and security. Notably, he spearheaded the formulation of the North-East Stabilization and Development Master Plan (NESDMP) for the North-East Development Commission, setting the groundwork for the Commission’s operational readiness for executing the NESDMP until 2030.
A respected community leader, Dr. Gidado holds the title of Wazirin Jamare in Jamare Local Government in Bauchi State. His extensive academic, public service, and professional background will offer invaluable leadership as he assumes the role of Board Chairman.
Dr. Akwa Effiong Okon, a Doctor of Law, has served as a Special Assistant on Finance and later as MD at the Niger Delta Development Commission (NDDC) in Port Harcourt.
Additionally, he has held the position of Non-Executive Director at FHA Mortgage Bank Limited in Abuja, representing the Federal Government’s interests.
A Chartered Accountant, Dr. Akwa is a seasoned professional with a robust educational foundation, including participation in the Senior Executive Programme on Strategy, Leadership, and Transformation at the London Business School.
He is a fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Bankers of Nigeria (CIBN), and also a lawyer. Noteworthy roles include his tenure as Managing Director and CEO of Akwa Savings and Loans Limited, where he successfully implemented turnaround strategies for the mortgage finance institution owned by the Government of Akwa Ibom State, Nigeria.
Mallam Ambursa Abubakar Umar, an expert in Enterprise Transformation and Development Finance, brings over 30 years of experience in the banking industry, including a distinguished tenure at the Central Bank of Nigeria. With 12 years of consulting experience, Mallam Ambursa is renowned for his adept risk management skills and extensive expertise in product management across various domains such as credit, liquidity, market risks, regulatory capital, and customer experience.
Possessing a Master of Science in Banking & Finance from Bayero University, Kano, and a Bachelor of Science in Economics from the University of Sokoto, Mallam Ambursa’s profound comprehension and commitment to excellence make him a valuable addition to Polaris Bank’s Board.
Mrs. Ayaba Ayo-Joseph boasts over three decades of experience in the banking sector. As a member of the Chartered Institute of Bankers of Nigeria (CIBN), she brings a wealth of experience in Corporate Management, Business Development, and Strategy Execution to the Board as a Non-Executive Director.
Her track record includes serving as an Executive Director at Bank PHB, where she played a pivotal role in driving transitional change between 2010 and 2011 following her appointment by the CBN. Credited with implementing business continuity plans and fostering profitability during the transition phase, her expertise in Corporate Governance and Strategic Planning ensures that Polaris Bank maintains the highest standards while pursuing sustainable growth.
Mrs. Subulade Giwa Amu, holding an LL.B Hons degree in Law and an MBA from the University of Warwick, UK, brings over 30 years of experience in financial services, real estate investment & development, and business process re-engineering across the West African region to the Polaris Bank Board. Her extensive background includes notable non-executive board positions and successful leadership roles.
Currently serving as the Founder and CEO of Brookstone Investments and Properties, Mrs. Subulade previously held leadership positions as the Managing Director/CEO at FBN Mortgages Limited, where she orchestrated the turnaround and profitability of the company between 2010 and 2014.
Dr. Onosode Christopher, holding a doctorate in Economics with a focus on energy from Kent University, UK, joins the Board of Polaris Bank with over 30 years of experience in business systems analysis and design, strategy and operations, project management, and policy analysis.
His career encompasses significant roles and impactful contributions with multinational companies and financial institutions, including Shell Petroleum, UK, PricewaterhouseCoopers, and the Debt Management Office of Nigeria (DMO).
His profound sectoral knowledge and strategic acumen will enhance Polaris Bank’s operations and strategic initiatives moving forward.
The newly appointed non-executive directors will provide support for the executive management team led by Mr. Kayode Lawal, supported by the executive management team comprising Mr. Chris Ofikulu, Executive Director, Retail and Commercial; Mrs. Abimbola Ozomah, Executive Director, Corporate & Investment Banking; and Sharafadeen Muhammed, Executive Director, Operations.
Mr. Kayode Lawal, a seasoned professional with over three decades of experience in the Banking industry, previously held the position of Executive Director in charge of Corporate and Investment Banking at Sterling Bank Plc before his appointment with Polaris Bank. Committed to excellence and leadership in the banking sector, he is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an Associate Member of the Chartered Institute of Taxation of Nigeria (CITN). Enriching his professional knowledge through executive education programs at prestigious institutions such as Lagos Business School, University of Oxford, Columbia University Graduate School of Business, and Massachusetts Institute of Technology, Mr. Lawal’s expertise is evident throughout his career.
Mr. Chris Ofikulu, the Executive Director overseeing Retail and Commercial Banking, brings over 30 years of experience in the banking sector to Polaris Bank. Prior to his appointment, he served as Country CEO at UBA Ghana and Managing Director at Diamond Pension Fund Custodian Limited.
Possessing a First Class Degree in Industrial Mathematics from the University of Benin and an MBA from the University of Lagos, Mr. Ofikulu has undergone high-impact business training at The Wharton Business School, IESE Business School, and Lagos Business School, among others.
Mrs. Abimbola Ozomah, the Executive Director in charge of Corporate and Investment Banking, leverages over three decades of experience in the banking and financial services industry. Previously serving as the General Manager and Director of Global Network Banking at Citibank Nigeria, she managed the Specialized Industries Division as a Senior Executive, overseeing the Bank’s high-revenue portfolio comprising strategic specialized industry segments for multinational corporations.
Holding an MBA degree from Warwick Business School, University of Warwick, Coventry, UK, and a Bachelors degree in Economics from Obafemi Awolowo University, Ile Ife, Osun State, Mrs. Ozomah’s track record of driving growth and innovation is well-documented.
Mr. Sharafadeen Muhammed, the Executive Director overseeing Operations at the Bank, previously served as the Chief Financial Officer (CFO) at Citibank, where he supervised significant financial operations and strategic initiatives. With over 15 years of experience in high-level finance roles, including a notable tenure at Citibank Nigeria, he has demonstrated strong strategic insight and financial acumen.
A CFA charter holder with an MBA from New York University, Mr. Sharafadeen’s career trajectory commenced at Citigroup as Vice President of Corporate Financial Planning & Analysis. His roles at Citibank Nigeria included Head of Strategy & Business Planning and CFO. Having undergone high-level leadership training at Ivy League institutions, Mr. Sharafadeen’s expertise will be instrumental in advancing Polaris Bank’s operations and strategic initiatives.
The appointment of the full board, coupled with a robust management team and diverse board experience and expertise, reinforces the public’s perception of Polaris Bank’s readiness to maintain a leading position in the post-recapitalization banking industry.
The new Board serves as an endorsement of the commendable business re-engineering efforts led by the Kayode Lawal-led executive management team.
Mr. Kayode Lawal emphasized that the diverse expertise and experience brought by the new board members will further enrich ongoing strategic initiatives aimed at fortifying their position as a leading digital Bank.
The enthusiasm to welcome these seasoned professionals to the board of Polaris Bank is palpable. Their diverse expertise and exceptional leadership qualities are deemed invaluable as the Bank continues to drive strategic initiatives aimed at strengthening its industry standing.
These appointments represent a significant milestone in Polaris Bank’s journey towards achieving sustained growth and delivering exceptional value to its stakeholders, as expressed by Mr. Lawal.
