IN recent developments, the Central Bank of Nigeria (CBN) has made board appointments in three major financial institutions: Keystone Bank, Polaris Bank, and Sterling Financial Holdings Company Plc.
These appointments aim to bolster the leadership of these banks and strengthen their position within the Nigerian financial industry.
Keystone Bank Limited has welcomed a new board of directors as part of the CBN’s efforts to enhance the bank’s operations for sustained growth. The bank appointed Lady Ada Chukwudozie as the board chairman, alongside five other non-executive directors: Abdul-Rahman Esene, Mrs Fola Akande, Akintola Ayodeji Olusoji, Obijiaku Samuel, and Sen. Farouk Bello. Additionally, Ladi Oluwole and Abubakar Usman Bello were named as executive directors.
Lady Ada Chukwudozie, the new chairman, is a highly respected figure in Nigeria’s corporate landscape, with nearly 30 years of experience across multiple industries, including manufacturing, strategy, and business management. The other board members bring diverse expertise in banking, corporate governance, risk management, and financial consulting, which will contribute to the bank’s strategy to reposition itself in the competitive Nigerian banking sector.
Managing Director Hassan Imam expressed optimism about the new appointments, stating that the extensive experience of the new board members will benefit Keystone Bank in navigating emerging economic opportunities and strengthening corporate governance.
Polaris Bank, a leading digital commercial retail bank, also experienced a major transition with the CBN constituting a new ten-man board. Dr Kassim Gidado has been appointed as the board chairman, bringing over 35 years of experience in engineering, project management, and strategic development. His background in both the private and public sectors will be vital for Polaris Bank’s future growth, especially in infrastructure development and strategic policy advisory.
Dr Gidado’s leadership team includes non-executive directors with significant experience in law, finance, enterprise transformation, and corporate management. Notable appointments include Dr Akwa Effiong Okon, a former managing director of Akwa Savings and Loans Limited, and Mrs Ayaba Ayo-Joseph, a seasoned corporate strategist. Their collective expertise is expected to drive the bank’s strategic initiatives and contribute to its digital transformation journey.
Polaris Bank’s Managing Director, Mr Kayode Lawal, highlighted the importance of these appointments in reinforcing the bank’s market position and delivering long-term value to stakeholders. With a stronger management team and diverse board experience, Polaris Bank is well-positioned to maintain its leadership as a digital bank in the post-recapitalisation era.
Sterling Financial Holdings Company Plc (Holdco) and Sterling Bank Ltd also announced the appointment of two new directors to their boards. Ashutosh Kumar, a seasoned banker with over 23 years of experience, was named a non-executive director for Sterling Financial Holdings. Kumar is currently the Country Head and Chief Executive Officer of the State Bank of India (SBI), South Africa. His expertise spans international banking, risk management, and regulatory compliance, making him a valuable asset to Sterling Financial Holdings.
Additionally, Professor Olayinka David-West was appointed as an independent non-executive director for Sterling Bank Ltd. With almost three decades of experience in the IT and financial services sectors, Professor David-West is a renowned figure in the financial inclusion space. She is the Associate Dean at the Lagos Business School and leads the Sustainable and Inclusive Digital Financial Services initiative, which focuses on enhancing financial inclusion in Nigeria. Her background in information systems and governance will further strengthen Sterling Bank’s digital banking initiatives.
Analysts say the new board appointments across Keystone Bank, Polaris Bank, and Sterling Financial Holdings reflect the CBN’s proactive strategy to ensure that Nigerian banks are equipped with the leadership required to navigate the evolving financial landscape. These appointments bring together a wealth of expertise in finance, governance, risk management, and digital transformation, positioning these banks for sustainable growth in the competitive banking sector.
As these institutions continue to evolve and implement strategic initiatives, the experience and leadership of their newly appointed board members will play a pivotal role in shaping their success, ensuring resilience, and fostering innovation in Nigeria’s banking industry.
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