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.”
Keystone Bank Limited and the Enterprise Development Centre (EDC) of Pan-Atlantic University have signed a landmark Memorandum of Understanding (MoU) to promote Small and Medium Enterprises (SMEs), youth entrepreneurship, and financial inclusion across Nigeria.
The MoU signing ceremony took place at the bank’s head office in Lagos on Tuesday, June 24, 2025.
Speaking at the event, Mrs Nnenna Anyim Okoro, the Executive Director, Corporate and South, Keystone Bank, described the partnership as a bold and strategic step toward accelerating national economic transformation.
According to her, the collaboration underscores Keystone Bank’s unwavering commitment to empowering the next generation of business leaders and fostering an inclusive financial ecosystem.
“At Keystone Bank, we believe that entrepreneurship is the heartbeat of sustainable economic development.
Across Nigeria, MSMEs are not just businesses; they are the dreams and daily struggles of men and women determined to create value, provide jobs, and build a better future. They are, quite literally, the engine room of our national economy.
“Our sponsorship of the Annual EDC SME Conference 2025 and support for the Global Entrepreneurship Week (GEW) Walk reflect our deep belief in the transformative power of small businesses.
“This partnership is also about financial inclusion, youth engagement, capacity building, job creation, and collaboration,” she stated.
Olayemi Sule, Group Head, Retail & Digital Banking, Keystone Bank, emphasized the innovative offerings customers can expect as a result of the partnership.
“Our customers should look forward to a suite of innovative financial products and digital solutions specifically designed to support business growth, enhance financial literacy, and improve market access.
Also speaking, Dr. Nnenna Ugo, EDC board member and Head, Alumni Relations and Support Services at Pan-Atlantic University, expressed optimism about the partnership’s long-term impact.
“We are super excited about this partnership and confident that it will drive transformation for both institutions.
“The EDC was established to build capacity and provide support services for SMEs. In the past 21 years, we have trained over 350,000 entrepreneurs across Nigeria.
“Keystone Bank’s support comes at a critical moment as we scale our programs and expand our reach ahead of the 2025 SME Conference and GEW Nigeria.
“The SME Conference is a powerful platform that brings together key players in the ecosystem each year to address pressing issues affecting small businesses.
“This collaboration strengthens our capacity to engage more entrepreneurs, provide deeper insights, and drive conversations that inspire growth, resilience, and innovation.
“We commend Keystone Bank’s leadership for its vision and dedication to inclusive economic growth. The bank has truly distinguished itself as a champion of enterprise, and we are proud to have them as a strategic partner,” she concluded.
As part of the agreement, Keystone Bank becomes the major sponsor of the 2025 EDC SME Conference and a key supporter of the GEW Walk, a flagship event during Global Entrepreneurship Week Nigeria 2025.
Both events are expected to attract thousands of entrepreneurs, investors, thought leaders, and policymakers, offering a vibrant platform for knowledge-sharing, networking, and business empowerment.
Fidelity Bank Plc, one of Nigeria’s top-tier financial institutions, has promoted 376 employees following its recently concluded annual performance review exercise.
This represents approximately 12% of the bank’s workforce, underscoring its management’s deep appreciation for the pivotal role played by staff in recoding the highest growth by percentage volumes in the banking industry with 210% increase in its Profit Before Tax (PBT) which grew from N124.3 billion in 2023 to N385.2 billion in 2024.
The announcement, which was recently communicated internally, comes on the heels of a 20% across-the-board salary increase implemented in June 2025—a gesture that reflects the bank’s commitment to staff welfare. It is worth noting that this follows a similar salary adjustment carried out in November 2024.
Under the leadership of Dr. Nneka Onyeali-Ikpe, Fidelity Bank has consistently outperformed market expectations. In 2024, the bank recorded the highest share price growth of 116% in the industry following the completion of its Public Offer which was over subscribed by 238% .
In recognition of the banks stellar performance, global rating agency, Fitch Ratings recently upgraded Fidelity Bank’s National Long-Term Rating from ‘A(nga)’ to ‘A+(nga)’ in a further endorsement of the bank’s financial strength and prudent management. The upgraded ratings reflects improved profitability metrics and robust capital buffers, reinforcing the bank’s sustained upward trajectory.
Fidelity Bank Plc on Wednesday refuted claims that its Managing Director, Dr. Nneka Onyeali-Ikpe, is involved in an ongoing fraud case concerning the account of Woobs Resources.
The Bank’s position follows reports published by Sahara Reporters alleging that Dr. Onyeali-Ikpe was listed as a defendant in the case.
However, documents sighted by Nigeria CommunicationsWeek revealed that the charge sheet dated May 12, 2025, named the defendants as Victor Ukutt, Fidelity Bank Plc, Whoba Ugwunna Ogo, and Safiya Whoba.
A statement by the Office of the Attorney General of the Federation and Minister of Justice dated June 9, 2025, confirmed that Onyeali-Ikpe’s name was struck off the charge list.
The Ministry noted that she was neither the Managing Director nor the account officer at the time the account in question was opened.
The clarification aims to dispel misinformation and uphold the integrity of the institution and its leadership.
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