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.”
The Securities and Exchange Commission (SEC) has revised the minimum capital applicable to all categories of regulated capital market entities after 10 years.
The minimum capital review, according to the SEC, is informed by the need to strengthen market resilience, enhance investor protection, align capital adequacy with the evolving risk profile of market activities, and ensure that regulated entities possess sufficient financial capacity to discharge their obligations in a sustainable manner.
“The revised Minimum Capital framework seeks to: enhance the financial soundness and operational resilience of market operators; align capital requirements with the scope, complexity, and risk exposure of regulated activities; promote market stability and systemic risk mitigation; and support innovation and orderly development of new market segments, including digital assets and commodities markets,” SEC said in a January 16 circular to market operators.
The SEC circular was sent to all entities regulated by the Commission, including but not limited to core and non-core capital market operators; market infrastructure institutions; capital market consultants; financial technology (FinTech) operators; Virtual Asset Service Providers (VASPs); and Commodity market intermediaries.
All affected entities are required to comply with the revised Minimum Capital Requirements on or before June 30, 2027, the circular said.
“Entities that fail to meet the prescribed requirements within the stipulated timeline shall be subject to appropriate regulatory sanctions, including suspension or withdrawal of registration, as may be determined by the Commission,” SEC said.
Tier-1 Portfolio Managers (Full Scope) involved in the management of Collective Investment Schemes (CIS) and Alternative Investment Funds (Private Equity, Venture Capital, Infrastructure Funds etc) above N20 billion Net Asset Value (NAV), or discretionary and Non-Discretionary Private Portfolio Management Services above N20 billion Assets under Management (AuM), or exposure to foreign instruments up to 40 percent of the NAV are now required to have a minimum capital of N5 billion as against N150 million.
“Any Fund and Portfolio Manager with NAV/AuM of more than N100billion should have a minimum of 10 percent of the NAV/AuM as capital,” SEC added.
For the Tier-2 fund/portfolio managers (Limited Scope) who are in the business of management of Collective Investment Schemes with limited pooled fund creation of not more than 10 times the required capital (N20 billion) on Net Asset Value (NAV), or discretionary and non-discretionary private portfolio management services of not more than N20 billion, or those exposure to foreign instruments of not more than 20 percent of the NAV, now require N2 billion as minimum capital as against low of N150 million.
Likewise, broker-dealers whose services include: client execution, proprietary trading, margin/securities lending and advisory services no longer require N300 million minimum capital to operate but N2 billion.
The SEC said the minimum capital review from 2015 low is in line with its mandate under the Investments and Securities Act 2025 to regulate and develop the Nigerian capital market.
Also, Tier 1 issuing houses who do non-interest finance services, advisory & arrangement services but no underwriting now require N2 billion as against N200 million; while Tier 2 –issuing houses with underwriting and offers a ‘one-stop-shop’ for issuers, provides underwriting services, and renders advisory and product development services require N7 billion minimum capital for this business as against N200 million.
Also, the minimum capital requirement for brokers (client execution only) has been jacked up from N200 million to N600 million, while that of dealers (proprietary trading only) has been moved from N100 million to N1 billion.
Broker-Dealers’ (client execution, proprietary trading, margin/securities lending and advisory services) has been raised from N300 million to N2 billion, while Sub-Brokers’ (Digital) from N10million to N100million; Sub-Broker (Corporate) has been increased from N10million to N50 million. Also, sub-brokers’ (Individual) now need N10 million minimum capital for the business as against N2 million while inter-dealer brokers require N2 billion as against N50 million.
Securities and Exchange Commission (SEC) and the Nigeria Police Force have forged an alliance against illegal scheme operators, investment frauds, and cryptocurrency frauds in a bid to protect the hard-earned savings and the financial dreams of the Nigerian people.
Dr Emomotimi Agama, director-general of the SEC, stated this during a meeting with Kayode Egbetokun, Inspector General of Police, held in Abuja.
Agama said the SEC, as the sentinel at the gate of Nigeria’s formal capital markets, had the mandate to protect investors, maintain fair, efficient, and transparent markets, and promote the growth of a vibrant economy built on trust, which is done by setting rules, licensing operators and market surveillance.
He, however, stated that the Commission faced adversaries who operate in the shadows, outside regulated gates by exploiting the trust of people and promising miraculous returns such as 200 per cent in 30 days.
“Currently, there is a gap, a seam between identification and enforcement that these scammers exploit. Today, we aim to close that gap permanently. Therefore, we propose a robust, institutionalised collaboration with the following pillars: Joint Intelligence and Operations Task Force: Capacity Building and Knowledge Transfer; Streamlined Processes for Enforcement and National Public Awareness Campaign,” he stated.
The SEC DG advocated, “the establishment of a dedicated SEC-NPF team that combines market intelligence, forensic accounting, and understanding of complex financial schemes with investigative and intelligence-gathering capabilities. This team will be the rapid-response unit to new frauds.”
Agama also sought the permission of the IGP to go into a Memorandum of Understanding with the Cyber Security Unit of the Police Force in a bid to ensure that cyberspace is safe for all Nigerians
In his response, the IGP Kayode Egbetokun assured the SEC team that the Nigerian police Force is ready to collaborate with the Commission, strengthen partnership in all the ways possible, and ensure that the Commission achieves its aims.
He said, “Your role in the Securities and Exchange Commission is very crucial to the Nigerian Economy, and with our supervision and support from the government, we will ensure economic recovery and growth. If the police unit in SEC is strengthened, it is going to make such an impact on your enforcement drive. What you said speaks so much to your determination to ensure effective drive in the Capital market, and when we can achieve effective enforcement, it comes with so many benefits.
Egbetokun also congratulated the Commission on the recent achievement of the N100 trillion market capitalisation mark, adding that it will aid economic growth and development.
Nigerian fintech giant, Paystack has taken its boldest step yet beyond payments, acquiring Ladder Microfinance Bank. The fintech giant has quickly rebranded its new acquisition as Paystack Microfinance Bank (MFB) in a strategic shift that could reshape how African businesses access credit, deposits, and embedded financial services.
After nearly a decade building the backbone of online payments in Nigeria, the deal gives Paystack regulatory cover to hold deposits, lend directly to businesses and offer banking-as-a-service products.
More importantly, Paystack’s chief operating officer, Amandine Lobelle, highlighted that it allows the company to exert greater control over the trillions of naira that already flow through its platform every month, turning transaction data into a powerful engine for credit and treasury products.
“After 10 years of building payment infrastructure and going deep, we realised that businesses needed more than just getting paid to grow. We wanted to leverage the expertise that we have built over the last decade to continue to address some of the pain points that businesses have,” said Lobelle.
Paystack MFB will operate as a sister company to its payments business, initially focusing on working capital loans, merchant cash advances, overdrafts and term loans for small and medium-sized enterprises.
By using real-time payment data to underwrite loans, Paystack believes it can offer faster approvals and more accurate risk pricing than traditional lenders, directly tackling Nigeria’s estimated $32 billion small business financing gap.
For Paystack, founded in 2016 and acquired by Stripe in 2020, the move marks a strategic evolution from being just a payments processor to becoming a core part of the financial operating system for African businesses.
Today, Paystack supports more than 300,000 businesses across Nigeria, Ghana, and South Africa and has become one of Africa’s most trusted fintech infrastructure providers.
The banking licence is a game-changer as payments, once Paystack’s main growth engine, are increasingly commoditised across Africa. Lending, deposits and treasury services offer deeper margins, stickier relationships and long-term sustainability.
By layering banking services on top of payments, Paystack is betting that infrastructure depth will outperform flashy consumer scale.
However, the move also throws the Nigerian-born fintech giant into fierce competition with digital -first lenders and neobanks such as Moniepoint, Kuda, OPay and PalmPay, which already operate at massive scale. Still, Paystack’s strength lies in its merchant-first focus and developer-friendly APIs.
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