The Central Bank of Nigeria has announced the appointment of the members of the board of directors for Polaris Bank.
In a statement on Monday, the bank disclosed that Kassim Gidado was appointed as the board chairman.
The new Polaris Bank board is the chief of staff at MAG Group Limited and advisor to various governments.
Also, Akwa Okon, with a background in law and finance, was named 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 the appointments as a step towards achieving growth and value for stakeholders.
In January, the CBN dissolved the boards and managements of Union Bank of Nigeria, Keystone Bank and Polaris Bank over alleged corporate governance infractions and non-compliance with regulatory requirements.
This came barely three weeks after the Special Investigator on the CBN and Related Entities, Jim Obazee, submitted its final report to President Bola Tinubu.
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.
Recall that the apex revoked the operating license of Skye Bank on September 21, 2018, and renamed it Polaris Bank.
The then CBN Governor, Godwin Emefiele, said AMCON would take over all the assets and liabilities of the defunct entity.