Following the dissolution of the boards and management of three banks – Polaris, Union and Keystone – Omokayode Lawal was appointed as Polaris Bank’s new managing director/chief executive officer.
The move followed the recommendations of Jim Obazee, a special investigator appointed to look into the affairs of CBN by President Bola Tinubu in July 2023.
Mr Obazee’s mandate was to investigate the operations of the CBN and other relevant institutions.
In its announcement on Wednesday, the CBN accused the banks of various violations, including regulatory non-compliance and corporate governance failures.
The central bank justified the action by citing the banks’ failure to adhere to the provisions outlined in Section 12(c), (f), (g), and (h) of the Banks and Other Financial Institutions Act, 2020, stating that the infractions ranged from regulatory non-compliance to corporate governance lapses and engaging in activities jeopardizing financial stability.
Mr Lawal thereafter emerged the managing director of Polaris Bank.
Profile
Prior to his current appointment, Mr Lawal served as the Managing Director/Chief Executive Officer of Fractional Investment Services Limited, a real estate company in Nigeria.
He previously held the position of Executive Director of Corporate and Investment Banking at Sterling Bank Plc before establishing Intermediate Equity Partners Limited.
With over 30 years of experience in the banking industry, he brings valuable insights into key sectors such as oil and gas, telecommunications, manufacturing, and other infrastructural projects.
He holds the designation of a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and is a member of the Chartered Institute of Taxation of Nigeria (CITN) and the Chartered Institute of Bankers of Nigeria (CIBN).
Mr Lawal is an alumnus of the Lagos Business School, the Columbia University Graduate School of Business, and the University of Oxford.
