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.”
KPMG Nigeria has identified what’s described as “errors, inconsistencies, gaps and omissions” in Nigeria’s tax laws that came into force at the beginning of this year.
The professional services company warns that these issues could undermine the attainment of the tax reforms’ stated objectives if left unaddressed.
The reforms, anchored on the Nigeria Tax Act (NTA) and the Nigeria Tax Administration Act (NTAA), alongside the Nigeria Revenue Service (NRS) Establishment Act and the Joint Revenue Board (JRB) Establishment Act, are aimed at improving revenue generation, simplifying tax administration, and enhancing competitiveness.
Authorities have repeatedly described the overhaul as critical to strengthening Nigeria’s weak tax-to-GDP ratio and adapting the tax system to changing economic realities.
Capital gains, inflation, and market behaviour
One of the most far-reaching concerns relates to the computation of chargeable gains under Sections 39 and 40 of the Nigeria Tax Act, which require capital gains to be calculated as the difference between sale proceeds and the tax-written-down value of assets, without any adjustment for inflation, analysis by KPMG revealed.
This approach has attracted attention largely because of Nigeria’s inflation environment. Headline inflation has remained in double digits for eight consecutive years, averaging above 18 percent between 2022 and 2025, according to data from the National Bureau of Statistics. Over the same period, asset price movements have been heavily influenced by currency depreciation and general price increases.
Actual market behaviour shows a mixed reaction to tax policy expectations, despite a strong full‑year rally, with the NGX All‑Share Index up more than 50 percent and market capitalisation near N99.4 trillion, the equities market saw significant sell‑offs in late 2025, including a N6.5 trillion drop in market value in November amid uncertainty over the new capital gains tax rules, underscoring investor sensitivity to tax policy shifts.
In its review of the law, KPMG Nigeria noted that taxing nominal gains in a high-inflation environment could result in taxpayers being assessed on inflationary gains rather than real economic value. The firm recommended the introduction of a cost indexation allowance to adjust asset values for inflation when computing chargeable gains.
According to the analysis, such an adjustment would reduce distortions in effective tax rates while still allowing the government to generate additional revenue from genuine capital appreciation.
Indirect transfer rules and foreign investment risks
Another provision drawing scrutiny is Section 47 of the Nigeria Tax Act, which subjects gains from indirect transfers of shares or assets by non-residents to Nigerian tax where such transfers result in changes in ownership of Nigerian companies or assets located in Nigeria.
The provision is being introduced amid weak foreign investment inflows. Data from the United Nations Conference on Trade and Development shows that foreign direct investment into Nigeria remains below pre-2019 levels, reflecting broader investor caution.
While similar indirect transfer rules exist in other jurisdictions, analysts note that such regimes are typically supported by detailed guidance and clear thresholds to reduce uncertainty.
KPMG’s analysis recommended that Nigerian tax authorities issue clear administrative guidance defining the scope, thresholds, and reporting obligations associated with indirect transfers. The firm noted that clarity would reduce the risk of disputes, improve compliance, and mitigate potential negative effects on foreign investment flows.
FX deductions clash with economic realities
Section 24 of the Nigeria Tax Act limits businesses from deducting foreign-currency expenses beyond their naira equivalent at the official CBN rate.
In practice, this means a company importing goods, paying foreign software subscriptions, or settling overseas vendor invoices cannot claim as tax-deductible any amount they spent above the official exchange rate.
For many companies, this is a real problem. Access to official foreign exchange is limited, forcing businesses to pay higher rates on the parallel market. Under the law, the extra cost becomes non-deductible, effectively increasing taxable profits and raising their tax bills.
KPMG warns that while the rule aims to curb speculative foreign exchange activity, it fails to account for supply shortages. The firm recommends that deductibility should reflect the actual cost incurred, provided proper documentation, so businesses aren’t penalized for circumstances beyond their control.
VAT-linked expense disallowances
Section 21(p) of the Nigeria Tax Act disallows deductions for expenses on which value-added tax has not been charged, even where such expenses were incurred wholly for business purposes.
This intersects with Nigeria’s VAT compliance challenges. The informal sector accounts for a significant share of economic activity, and VAT compliance gaps remain wide, according to assessments by tax authorities and development institutions.
Analysts note that the provision effectively transfers part of the VAT enforcement burden to compliant taxpayers, who may be penalised for supplier non-compliance.
KPMG recommended that Section 21(p) be deleted or substantially modified, arguing that deductibility should depend solely on whether an expense was wholly, exclusively, and necessarily incurred for business purposes. The firm noted that VAT compliance should instead be enforced directly through audits and penalties on defaulting suppliers.
Non-resident taxation and compliance ambiguity
Uncertainty also surrounds the compliance obligations of non-resident companies. While Section 17 of the Nigeria Tax Act provides that withholding tax constitutes final tax for certain non-resident payments where there is no permanent establishment or significant economic presence, the Nigeria Tax Administration Act does not clearly exempt such entities from registration or filing requirements.
Nigeria has signed over a dozen double taxation treaties (DTTs), including the UK, South Africa, Canada, and France, which align with the principle that final WHT extinguishes further tax obligations in the absence of a taxable presence. Experts say harmonizing the NTA and NTAA with these treaties is critical to avoid conflicts and deter foreign investors.
KPMG recommended that the relevant provisions of the Nigeria Tax Act and the Nigeria Tax Administration Act be harmonised, with explicit exemptions for non-resident companies whose Nigerian tax obligations have been fully discharged through withholding tax. According to the firm, such alignment would reduce compliance friction and improve Nigeria’s attractiveness for cross-border transactions.
As Nigeria enacts its most comprehensive tax overhaul in decades, the path to success will depend on clarity, alignment with international best practices, and swift adoption of recommended amendments. Without these measures, businesses may face higher costs, non-residents could be discouraged from investing, and capital markets may remain volatile. For policymakers, the challenge is not just raising revenue but ensuring that the reforms strengthen competitiveness and sustainable economic growth.
Nineteen Nigerian banks have fulfilled the Central Bank of Nigeria’s (CBN) recapitalization requirements as of January 6, 2026, six weeks before the March 31 deadline, according to data from The Cable Index.
CBN
Access Bank, Fidelity Bank, First Bank, GTBank (GTCO), UBA, and Zenith Bank—holders of international licenses—lead compliance among six major players.
National and regional licensees Citibank Nigeria, Ecobank Nigeria, Globus Bank, Stanbic IBTC, Sterling Bank, Wema Bank, PremiumTrust Bank, and Providus Bank have also hit the benchmarks.
Two non-interest banks, Jaiz and Lotus, alongside merchant banks FSDH, Greenwich, and Nova, round out the compliant group, meeting thresholds of N10-N20 billion for non-interest, N50 billion for merchants, N200 billion for nationals, and N500 billion for international banks as set in March 2024.
Approximately 14 banks remain non-compliant, underscoring urgency ahead of the deadline despite broad progress.
Bank Verification Number (BVN) enrollments in the country rose by 6.87 per cent , or 4.36 million, to 67.84 million as at the end of December 2025 from 63.48 million in the corresponding period of the preceding year, according to latest data released by the Nigeria Interbank Settlement System (NIBSS).
This means that a total number of 4.36 million BVN enrolments were recorded between the end of December 2024 and the end of last year.
The BVN scheme was launched on February 14, 2014 by the Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee, NIBSS and the German firm, Dermalog, with the aim of capturing biometrics of all bank customers and giving each bank customer a unique 11-digit identity number (BVN) that can be verified across the Nigerian banking industry.
Lamido Sanusi, governor of the CBN, at the time, said at the event that the BVN scheme would enable the apex bank to significantly reduce incidents of fraud and money laundering in the banking industry and also help accelerate financial inclusion by opening up opportunities for credit to millions of Nigerians who do not have a standard means of identification.
In October 2017, the CBN released a regulatory framework for BVN operations and Watchlist for the financial system. It stated that the Watchlist comprises a database of bank customers identified by their BVNs, who have been involved in confirmed fraudulent activities in the Nigerian banking industry.
An analysis of the latest NIBSS data shows that BVN enrollment maintained an upward trend in the last five years, rising from 51.90 million in 2021 to 56.90 million and 60.12 million in 2022 and 2023 respectively, before hitting 63.48 million in 2024 and 67.84 in 2025.
Analysts attribute the rise in BVN enrolments in recent years to policy measures introduced by the CBN as part of its efforts to tackle fraud.
For instance, on December 1, 2023, the apex bank issued a circular directing Deposit money banks (DMBs) Non-interest banks, Payment Service Banks, other financial institutions and mobile operators, to ensure that all funded bank accounts or wallets, without BVN or National Identification Number (NIN) are placed on “Post No Debit or Credit,” by April 1, 2024.
CBN Projects Petrol to Hover around N905/Litre this Year
Court Dismisses N1Bn Suit against MTN, Awards N3m Costs
Nigeria, Egypt to Lead Africa’s Data Center Boom
FG to Empower Artisans for Global Value
KPMG Identifies ‘Flaws, Inconsistencies, and Omission’ in New Tax Law
Banks quietly move to enforce new ₦50 transfer levy from Jan. 1
FIRS says NIN, CAC Numbers to Serve as Tax IDs from 2026
PalmPay Launches N400 Million World Travel Carnival, Rewarding Users with Free Global Trips
Nigeria Takes the Lead in the Global WSIS+20 Digital Agenda
Check Point Reveals Nigeria as Second Most Targeted African Country for Cyberattacks in November
General News2 days agoPawnith Appoints Martina Ogbebor as Managing Director to Lead Strategic Launch into Nigeria’s Fintech Ecosystem
E-Financial2 days agoBVN Enrollment Up 6.87 Percent to 67.84m in 2025 – NIBSS
News2 days agoOpenAI Launches ChatGPT Health
E-Business2 days agoStudy Reveals Majority of IT Professionals Show Openness to Cyber Immunity
E-Financial1 day ago19 Nigerian Banks Meet CBN Recapitalization Targets Ahead of March Deadline
Telecom2 days agoNCC, CBN Unveil Refund Framework for Failed Airtime, Data Transactions
E-Financial1 day agoKPMG Identifies ‘Flaws, Inconsistencies, and Omission’ in New Tax Law
News2 days agoTrump Threatens More Strikes in Nigeria