Polaris Bank Appoints Ahmad Chairman, Sonola MD

POLARIS Bank has appointed a new independent Board of Directors to lead its growth strategy, its Chairman, Alhaji Muhammad Ahmad, has said in a statement in Lagos.

  According to the statement, the board, which has six non-executive directors and three executive directors, including Abubakar Suleiman, non-executive Director; Salma Mohammed, non-executive Director; Adeleke Adedipe, on-executive Director; Ahmed Almustapha, non-executive Director; Francesco Cuzzocrea, non-executive Director; Olabisi Odunowo, non-executive Director; Abdullahi Mohammed (Executive Director) and Segun Opeke (Executive Director).

  It also named Adekunle Sonola, a former executive director at Union Bank Plc, as the new Managing Director and Chief Executive Officer of the bank.

  Speaking on the acquisition and Board transition, Ahmad said the bank was willing to work with its core investors to improve and stabilise the firm, adding: “I would like to thank the outgoing Board members profusely for their hardwork and dedication over the last four years, as we have established a strong governance structure and stabilised the bank.

  “I am very pleased with the progress we have been able to make and that we have delivered on our mandate to prepare the bank for a return to private ownership.

  “I am personally proud to have been asked to lead the bank into an exciting new future and I look forward to working with the new Board and our core investors to build on the platform we have created.”

  On his part, Sonola, who spoke on behalf of SCIL, said the new Board would ensure that it sustained the growth of the bank, noting: “We are excited to participate in the next phase of growth for Polaris Bank and to have been able to recruit such an experienced and diverse Board of Directors. We are confident can lead Polaris Bank into a new era of sustainable growth.

  “This is an exciting time for the Nigerian financial services industry and we are committed to building on the strong foundations that have been established by the departing board. We would like to express our thanks for their service and wish them well.

  “We have mandated the incoming management to develop an innovative, but sustainable growth strategy that prioritises the needs and aspirations of our current customers.”

  The change in ownership came after the Central Bank of Nigeria (CBN) announced completion of a Share Purchase Agreement (SPA) for the acquisition of 100 per cent of the equity in the bank by Strategic Capital Investment Limited (SCIL), which it said paid an upfront consideration of N50billion to acquire 100 per cent of the equity of Polaris Bank.

  CBN added that SCIL had accepted the terms of the agreement, which include the full repayment of the sum of N1.31trillion, being the consideration bonds injected.