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In a statement released on Monday, the bank revealed that Kassim Gidado will serve as the chairman of the board.
The newly appointed non-executive directors include Akwa Okon, Ambursa Umar, Ayaba Ayo-Joseph, Giwa-Amu Ibironke, and Onosode Christopher.
Kayode Lawal, the managing director and CEO of the bank, commented on the appointments, highlighting that the varied expertise and backgrounds of the new board members will significantly enhance the ongoing strategic initiatives designed to solidify the bank's status as a premier digital banking institution.
"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.”
The statement indicates that Gidado, the newly appointed board chairman, possesses more than 35 years of expertise in 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 indicated that he has recently taken the lead in formulating the North-East Stabilisation and Development Master Plan (NESDMP) for the North-East Development Commission, producing the foundational document that will guide the commission's implementation of the NESDMP through to 2030.
On January 10, the Central Bank of Nigeria (CBN) took the step of dissolving the boards and management teams of Polaris, Union, and Keystone Banks.
In a statement issued by Hakama Sidi Ali, the acting director of corporate communications at the CBN, it was noted that this decision was necessitated by the banks and their boards' failure to comply with the stipulations outlined in Section 12 (c), (f), (g), and (h) of the Banks and Other Financial Institutions Act, 2020.