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.”
Despite being the global epicentre of mobile money innovation, Sub-Saharan Africa remains home to tens of millions of adults who do not own a mobile money account. A new World Bank report disclosed.
According to the Global Findex Database 2025, Sub-Saharan Africa is widely celebrated as the birthplace of mobile money, a technology that has transformed how people send, receive, save, and borrow money using basic mobile phones.
“Yet, the region still accounts for one of the world’s largest concentrations of adults without mobile money accounts,” it said.
The report shows that while about 40 percent of adults in Sub-Saharan Africa had a mobile money account in 2024, up sharply from 27 percent in 2021, roughly 60 percent still do not.
The reasons, the report argues, are less about lack of awareness and more about deep structural barriers that continue to exclude large segments of the population.
According to the report, a lack of money is the single most common barrier to mobile money account ownership in the region.
For many low-income households, irregular earnings, subsistence livelihoods, and dependence on cash-based transactions reduce the perceived value of maintaining an account, even when services are widely available.
This challenge is compounded by affordability issues. Transaction fees, charges for cashing out, and the cost of maintaining an active SIM card can deter the poorest adults, reinforcing the perception that mobile money is not designed for very small or infrequent transactions.
In Nigeria, the World Bank Group has announced an estimate that 139 million in 2025 will be living in poverty despite the reforms of the federal government.
Mobile phone ownership gaps persist
Mobile money cannot function without a mobile phone, yet phone ownership itself remains uneven. The report finds that 40 percent of adults now own a mobile money account, up from 27 percent in 2021.
And those who do not have a financial account also do not own a mobile phone of any kind.
This creates a double barrier: adults who are financially excluded are often also digitally excluded.
Among those without phones, the cost of the device is cited as the primary obstacle. While basic phones are more affordable than smartphones, the report notes that even these can be out of reach for the poorest households, especially in rural areas. Without addressing device affordability, efforts to expand mobile money risk leaving behind the very groups they aim to serve.
The report disclosed that even when phones and accounts are available, digital capability remains a challenge. The report finds that only about half of mobile money account owners in Sub-Saharan Africa protect their phones with passwords, compared with much higher shares in other regions.
Limited digital literacy raises concerns about fraud, mistaken transfers, and scams, which in turn undermines trust in mobile financial services.
Trust issues are further reinforced by negative user experiences. Only about half of the adults in the region who sent money to the wrong person using mobile money reported getting it back, according to the report. Such experiences can discourage first-time users and lead dormant users to abandon their accounts.
A large untapped opportunity
Despite these challenges, the report points to a significant opportunity. In Sub-Saharan Africa, about a quarter of adults without accounts already own a mobile phone, have official ID, and have a SIM card registered in their own name, meaning they have all the prerequisites for mobile money adoption.
“Closing the gap will require coordinated action: reducing the cost of devices, expanding ID coverage, strengthening consumer protection, and designing low-cost products that reflect the financial realities of poor and rural households,” the World Bank argues.
ation for Africa, turning ambition into scalable capital and risk mitigation solutions.
Building on the successful conclusion of the 17th replenishment of the African Development Fund (ADF-17), which mobilised $11 billion for Africa’s most vulnerable countries, the African Development Bank Group and the Government of the United Kingdom convened global investors and private sector leaders in London to accelerate a new phase of private capital mobilisation for Africa’s development.
The inaugural Africa Private Capital Mobilisation Day, held on 17 December at Lancaster House, brought together more than 150 senior decision-makers from private equity firms, sovereign wealth funds, pension funds, insurers, philanthropies, and development finance institutions and export credit agencies—marking a decisive shift from dialogue to execution.
The high-level event was hosted by the African Development Bank Group in partnership with UK government institutions, the Foreign Commonwealth and Development Office, UK Export Finance and British International Investment, reflecting a shared ambition to scale private capital flows into African economies.
Speaking at the opening, African Development Bank Group President Dr Sidi Ould Tah described the event as a natural continuation of the ADF-17 replenishment process and a decisive step toward addressing Africa’s estimated $402 billion annual development financing gap.
“We will build on recent engagements with development finance institutions, export credit agencies, pension funds, sovereign wealth funds, insurers, and philanthropic partners to advance concrete initiatives under our vision for a New African Financial Architecture,” said Dr Ould Tah.
The Africa Private Capital Mobilisation Day aligns with President Ould Tah’s Four Cardinal Points vision, which focuses on unlocking Africa’s capital potential, strengthening financial sovereignty, transforming demographic growth into a dividend, and delivering resilient infrastructure and value chains.
UK Minister for Development, Jenny Chapman said, “We are delighted that President Ould Tah decided to hold the first Private Capital Mobilisation Day here in London, recognising the critical role of the City of London in mobilising investment for Africa. The UK’s shifting role—from donor to investor—will support countries who want to grow their economies and ultimately ultimately exit the need for aid.”
The programme featured focused discussions on reshaping perceptions of risk in Africa, designing innovative financial platforms, and mobilising capital in fragile and frontier markets.
New analysis on the Global Emerging Markets Risk Database delivered by the Center for Global Development presented new evidence showing that long-term lending to African borrowers has historically been significantly less risky than commonly perceived.
Sector-focused discussions underscored the strategic role of healthcare and aviation in strengthening Africa’s economic resilience, productivity and integration. Participants were introduced to two flagship initiatives championed by the Bank Group and its partners:
– The Africa Medicines and Equipment Facility, developed in partnership with the Gates Foundation, will provide African countries with predictable, timely, and affordable financing to secure essential medicines and medical equipment.
– The Integrated Aviation Transformation Programme for Africa—supported by a dedicated blended-finance facility—aims to modernise and expand Africa’s aviation ecosystem—from airports and airlines to enabling services critical to trade, tourism, and regional integration.
In parallel, President Ould Tah convened a closed-door roundtable with senior executives from approximately 30 leading institutional investors to explore the launch of an Africa-focused Private Sector Innovation Lab. The proposed platform would serve as a dedicated space to co-create new financing instruments, partnership models, and risk-sharing solutions tailored to African markets.
The outcomes of the Africa Private Capital Mobilisation Day are captured in the London Communiqué, setting out clear commitments by the African Development Bank Group and its partners to scale private capital mobilisation for Africa.
Further work will go into setting out priority actions and implementation pathways to scale private capital mobilisation for Africa, turning ambition into scalable capital and risk mitigation solutions.
The Federal Inland Revenue Service (FIRS) has announced that the National Identification Number (NIN) will automatically serve as the Tax Identification Number (TIN) for individual Nigerians beginning in 2026.
The clarification was issued on Monday through a public awareness campaign on the new tax laws shared by the Service on X.
According to the FIRS, registered businesses will also no longer need a separate Tax Identification Number, as their Corporate Affairs Commission (CAC) registration numbers will now function as their official tax identifiers under the revised tax framework.
The announcement follows public concerns over aspects of the new tax laws that require a Tax ID for certain transactions, including the operation and ownership of bank accounts.
Providing further explanation, the FIRS said the Nigeria Tax Administration Act (NTAA), scheduled to take effect in January 2026, mandates the use of a Tax ID for specified transactions. It, however, noted that the requirement is not entirely new, stressing that it has been in existence since the Finance Act of 2019 but has now been strengthened.
“The Tax ID unifies all Tax Identification Numbers previously issued by the FIRS and State Internal Revenue Services into a single identifier,” the Service said.
“For individuals, your NIN automatically serves as your Tax ID, while for registered companies, your CAC RC number is used. You do not need a physical card, as the Tax ID is a unique number linked directly to your identity.”
The FIRS explained that the new system is intended to simplify identification processes, eliminate duplication, close gaps that enable tax evasion, and promote fairness by ensuring that all individuals earning taxable income contribute accordingly.
The agency also urged Nigerians to ignore misinformation surrounding the reform, assuring the public that the new tax framework is designed to improve efficiency and transparency in tax administration.
Meanwhile, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, disclosed that banks will be required to request a TIN from all taxable Nigerians as part of the federal government’s new tax administration framework, which will take effect on January 1, 2026.
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