E-Financial
Polaris Bank Announces New Board Appointments
Central Bank of Nigeria (CBN) has constituted a full Board of Directors for Polaris Bank, Nigeria’s leading digital commercial retail Bank in a major transition that signals the remarkable achievements of the new management and the future of the Bank.
The Ten-man board is headed 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. Giwa-Amu Subulade Ibironke and Dr. Onosode Christopher
Dr Kassim 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. He recently championed the development of the North-East Stabilisation and Development Master Plan (NESDMP) for the North-East Development Commission. He produced the document that sets the Commission up in the mode for Readiness-for-Execution for the implementation
of the NESDMP until the year 2030.
A community leader of repute, Dr. Gidado is the Wazirin Jam’are in Jam’are Local Government in Bauchi State. His extensive academic, public service, and professional background will provide invaluable leadership as he assumes the role of Board Chairman.
Dr. Akwa Effiong Okon who holds a doctorate in Law, has experience as a Special Assistant on Finance and later MD at the Niger Delta Development Commission (NDDC) in Port Harcourt and as a Non-Executive Director of FHA Mortgage Bank Limited in Abuja, where he represented the Federal Government’s interest.
A Chartered Accountant, Dr. Akwa, is an accomplished professional with a rich educational background, including attending the Senior Executive Programme on Strategy, Leadership, and Transformation at the London Business School.
He holds fellowships with both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Bankers of Nigeria (CIBN).
He is also a lawyer. His notable roles include serving as the Managing Director and CEO of Akwa Savings and Loans Limited from 2007 to 2013, where he successfully implemented turn-around strategies for the mortgage finance institution owned by the Government of Akwa Ibom State, Nigeria.
Mallam Ambursa Abubakar Umar is an expert in Enterprise Transformation and Development Finance with over 30 years of experience in the banking industry, including a distinguished tenure at the Central Bank of Nigeria.
With 12 years of consulting expertise, Mallam Ambursa is renowned for his strong risk management skills and extensive experience in product management across various areas including credit, liquidity, market risks, regulatory capital, and customer experience. His deep understanding and dedication to excellence, make him a valuable addition to Polaris Bank’s Board.
He holds a Master of Science in Banking & Finance from Bayero University, Kano, and a Bachelor of Science in Economics from the University of Sokoto.
Mrs. Ayaba Ayo-Joseph has over three decades of experience in the banking industry. A member of the Chartered Institute of Bankers of Nigeria (CIBN), she brings to the Board as a Non-Executive Director a wealth of experience in Corporate Management, Business Development, and Strategy Execution.
Her track record includes serving as an Executive Director at Bank PHB, where she played a critical role and delivered transitional change between 2010 and 2011 following her appointment by the CBN.
She is credited with implementing business continuity plans and driving profitability during the transition period.
Her Corporate Governance and Strategic Planning footprints will ensure that Polaris Bank continues to adhere to the highest standards while pursuing sustainable growth.
She holds various professional memberships, including with the Nigeria Institute of Management (NIM), the Nigerian Bar Association, and WIMBIZ (Women in Management, Business, and Public Service.
Mrs. Subulade Giwa Amu, holds an LL.B Hons degree in Law and an MBA both from the University of Warwick, UK, and 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. She is currently the Founder & CEO of Brookstone Investments and Properties.
Prior to this, she held leadership positions in Treasury, Corporate and Commercial Banking in Ecobank Nigeria Plc and First Bank Plc. She was also Managing Director/CEO at FBN Mortgages Limited where she spearheaded the turnaround and return to profitability of the company.
Dr. Onosode Christopher holds a doctorate in Economics and energy major from Kent University, UK. He 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.
Onosode’s career spans significant roles and measurable impact with multinational companies and financial institutions, including Shell Petroleum, UK, PricewaterhouseCoopers, and the Debt Management Office of Nigeria (DMO). His deep sectoral knowledge and strategic insight will contribute to the drive of 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 and supported by the executive management team led by Mr. Kayode Lawal, Managing Director/CEO; 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 is a seasoned professional with over 3 decades of experience in the Banking industry. Prior to his appointment with Polaris Bank, he had a distinguished tenure at Sterling Bank Plc, where he held the position of Executive Director in charge of Corporate & Investment Banking. He is committed to excellence and leadership in the banking industry which was evident throughout his career. 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).
Additionally, he has enriched 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. Chris Ofikulu is the Executive Director in charge of Retail and Commercial Banking for the bank. He possesses extensive experience in the banking sector, spanning over 30 years. Prior to his appointment by the CBN on January 10, 2024, he held the position of Country CEO at UBA Ghana and Managing Director at Diamond Pension Fund Custodian Limited.
He holds a First Class Degree in Industrial Mathematics from the University of Benin and an MBA from the University of Lagos and has over the years, attended high-impact and prestigious business training at The Wharton Business School, IESE Business School, and Lagos Business School. Additionally, he has received training in Leadership and Corporate Governance from the Henley Business School and completed the Advanced Company Direction Programme at the Institute of Directors (IoD), London.
Mrs. Abimbola Ozomah is the Executive Director in charge of Corporate and Investment Banking. She brings over three decades of experience in the banking and financial services industry, with a proven track record of driving growth and innovation. Up until April this year, Mrs. Ozomah was the General Manager and Director of Global Network Banking at Citibank Nigeria, where she headed the Specialized Industries Division as a Senior Executive.
She had overall responsibility for the Bank’s high-revenue portfolio, which comprised strategic specialized industry segments for multinational corporations across oil & gas, manufacturing, pharmaceuticals, technology, digital natives, and media. Her role also included managing related value chains and selecting top-tier local corporate relationships.
She holds an MBA degree from Warwick Business School, University of Warwick, Coventry, UK, and a Bachelor’s degree in Economics from Obafemi Awolowo University, Ile Ife, Osun State.
Mr. Sharafadeen Muhammed is the Executive Director in charge of Operations of the Bank. He served as the Chief Financial Officer (CFO) at Citibank, where he oversaw 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, Sharafadeen’s career began at Citigroup as Vice President of Corporate Financial Planning & Analysis. His roles at Citibank Nigeria included Head of Strategy & Business Planning and CFO. He has also attended high-level leadership training at Ivy League institutions.
The constitution of the full board, with a stronger management team and diverse board experience and expertise, reinforces the general public’s perception of Polaris Bank’s preparedness to retain a leading position in the post-recapitalization banking industry.
The new Board is also a subtle endorsement of the silent but admirable business re-engineering being done by the Kayode Lawal-led executive management.
Mr. Kayode Lawal, MD/CEO of the Bank said the diverse expertise and experience of the new board members would further enrich on-going strategic initiatives aimed at strengthening their position as a leading digital bank
“We are thrilled to welcome these seasoned professionals to the board of Polaris Bank. 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.”
Economic and Financial Crimes Commission (EFCC) has warned banks against making themselves available as instruments of fraud.
Ola Olukoyede, charman, EFCC, issued the warning on Friday when the management team of Moniepoint, led by Tosin Eniolorunda, its founder and Group CEO, paid a courtesy visit to the commission’s headquarters in Abuja.
Speaking through Michael Nzekwe, his chief of staff, the EFCC boss noted that Nigerian banks over the years have become notorious as conduits of financial crimes and advised them to turn a new leaf for the sake of the growth of the country.
“There’s hardly any financial crime that would not go through the financial institutions. Money laundering is a major issue and you find out also that the perpetrators go through the banks. Nigeria will be the greatest beneficiary when we do the right thing,” he said.
Addressing the Moniepoint delegation, Olukoyede said, “Try as much as possible on your own to avoid any form of connivance and don’t be a channel for money
“Don’t be a tool. Don’t make your system porous. You are a major stakeholder when it comes to the fight against corruption. We are open and would assist, however we can. No one is above the law”.
Olukoyede observed that there was a high level of poor internal control by fintechs at the level of the unbanked, the under-served and the middle class population spectrum.
“There’s quite a whole lot of fraud that goes around that particular level, so the issue of KYC (Know Your Customer) is very important, especially because of the issue of how fintechs open tier-one accounts, sometimes without attention to KYC.
“And people take advantage of this and are quick to commit fraud through this negligence. So, that’s one area you have to also look at to see how you can improve on your KYC.
“Increasing your level of collaboration with the EFCC would mean to see yourselves as stakeholders in the fight against corruption.
“We would like you to be able to respond to us when we make inquiries and when we make requests.
On EFCC’s readiness to collaborate with Moniepoint, Olukoyede stated that, “On our part, we are open to whatever it is that you want us to do. We value it that you are here today to seek a stronger tie and collaboration.
“When we have stakeholders come in and want to be part of what we are doing, majorly stakeholders like you, it gives us joy because we know that no one man can fight corruption alone.
“The collaboration you seek tells us that you want to strengthen your system; you want to be able to create more internal controls. You want to be able to put in place things that will mitigate those weaknesses that will lead to fraud within your system, that’s what we do. Our core mandate is enforcement and investigation of economic and financial crimes. So, we’re glad and wish to collaborate with you”
Earlier in his remarks, Eniolorunda noted that the expansion in the operations and services of the fintech and microfinance company have come with challenges which have made the need for a strategic collaboration with the EFCC compelling.
“Moniepoint has over the years grown to become one of Nigeria’s largest payment service providers and the bank for mostly mid-class businesses and the under-served.
“Today, Moniepoint processes roughly 70% of Nigeria’s payments on Point-of-Sale (PoS) and transfers. We are present also in the UK and we are going through some potential set-up also in Kenya, which is at an advanced stage with its Central Bank. And also in Tanzania.
“Of course, with all this growth comes also challenges. One of the biggest challenges is the nature of our country, where if people find the opportunity to make fast money, they will make fast money. And we have realised that as Moniepoint is helping people make ends meet, these sorts of people are also trying to use Moniepoint channels to achieve their criminal objectives.
“So, we are actively fighting, improving all the necessary KYC accounts, money laundering and fund protection systems, but we know that we can’t do this alone. There are experts in a government organisation like the EFCC that we believe we need to have a strategic relationship with to be able to fight these people together.
“There are intels that you see that we don’t see. There are many things that come across your desk, every day that we don’t see. There are also things that we see that we think that if we should show to you, we will all be able to come together and fight these bad guys. We have, over the years improved on many things; discover a lot of potential fraud, collaborated with law enforcement agencies.
“With our whole management team, we will be able to find a strategic partnership with the EFCC that would take us to the next level.
“So we need to quickly build stronger alliances to prevent any form of risks that will blossom into national security issue,” he said.
Fidelity Bank Plc, leading financial institution has announced that it will be giving out N159 million to lucky customers in its recently launched Get Alerts in Millions Season 6, (GAIM 6) promo.
L – R: Mr. Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc; Mrs. Aboluwade Margaret, Zonal Coordinator, Federal Competition and Consumer Protection Council; Dr. Ken Opara, Promo Committee Chairman and Executive Director, Lagos and South West, Fidelity Bank Plc; Mrs. Oghenero Ugoji, Director, National Lottery Regulatory Commission, Lagos Zonal Office; Mr. Tanko Olaseni Mohammed, Head, Monitoring Inspection & Enforcement, Lagos State Lottery and Gaming Authority; and Ms. Damilola Oshinowo, Legal Officer, Lagos State Lottery and Gaming Authority: at the launch of the Fidelity Bank Get Alert in Millions Season 6 (GAIM 6) promo in Lagos recently.
Speaking at the press conference to kick off the promo at the bank’s Lagos head office, Executive Director, Lagos & South-West, Fidelity Bank Plc and the Promo Committee Chairman, Dr Ken Opara, said that the aim of the promo was to build a culture of financial discipline and enable the bank’s customers improve their standard of living, achieve their goals, and secure a brighter future for themselves and their families.
He said, “Over the years, we’ve seen firsthand how GAIM has transformed lives by helping customers pay off debts, fund their children’s education, start-up businesses, and invest in projects.
“These stories of the transformative power of GAIM in the lives of our customers, motivated us to raise the stakes with each new season, and I am excited to share that GAIM 6 will feature an even larger prize pool with over N159 million in cash prizes.
“As a Bank, we remain committed to ensuring this season is bigger and better than ever. In the coming months, we will provide additional updates through roadshows and community outreaches, and we encourage you to join us in spreading the word and inviting your friends and family to be a part of this initiative.
“While GAIM provides an opportunity to win numerous cash prizes, it is important to state that GAIM is not just about winning prizes. It’s about changing the financial fortunes of our customers, strengthening communities and contributing to the country’s economic growth.
“The financial advisory services we offer to our winners are an essential part of providing key insights that help our winners preserve and grow their earnings in a sustainable manner.”
To participate in the promo, Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc said, “The customer needs to have a savings account with Fidelity Bank, and make sure that from today, that you’re putting money in that account.
“And once your balance is increasing, every N5000 you put in, you qualify for the basic rewards, the ones that happen quarterly, the N10,000.But for the N1 million rewards you need to have at least a minimum of 10,000 naira.
“Every 10,000 Naira in your account gives you a ticket. With that ticket, you stand a chance of winning N1 million naira every month.
“We have 10 winners emerging every month with N1 million naira each. So, for the period of nine months, that’s 90 customers getting N1 million naira each.”
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Financing Bank of the Year and Excellence in Digital Transformation & MSME Banking at the 2024 BusinessDay Banks and Other Financial Institutions (BAFI) Awards; the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
The SIIPS Report which offers valuable insights into the opportunities and challenges facing Africa’s digital payment systems has said that 2023 was a landmark year, with 49 billion transactions processed across the continent—the highest volume recorded to date.
This staggering number underscores a broader trend: the shift towards digital, fast, and efficient payments is becoming a cornerstone of Africa’s economic growth.
The SIIPS Report 2024, launched in Accra on Thursday, showcases the remarkable growth of Instant Payment Systems (IPS) across Africa, emphasizing their role in advancing financial inclusion.
With 31 operational IPS in 26 countries and another 27 on the way, the report reveals a 37% growth in transaction volume over five years.
While digital payment adoption surges, barriers remain for vulnerable groups, especially women, who face security and fraud concerns.
Despite progress, no system has fully achieved inclusive access, affordability, or transparency.
The report emphasizes the need for collective efforts to expand IPS, particularly in rural areas, to ensure universal financial inclusion by 2030.
Supported by partners like the World Bank and UNECA, the SIIPS Report offers valuable insights into the opportunities and challenges facing Africa’s digital payment systems, calling for innovation and regulatory support to achieve seamless, cross-border payments across the continent.
More importantly, the total value transacted surged at a remarkable average annual growth rate of 39% from 2019 to 2023, reaching over $1 trillion last year.
Such figures highlight Africa’s increasing reliance on digital financial systems and indicate a seismic shift in how money moves.
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