Babagnida Son-in-law Buys Polaris Bank
Strategic Capital Investment Ltd. (SCIL) owned by Awwal Lawal has bought Polaris bank from the Central Bank of Nigeria and Asset Management Corporation of Nigeria.
Lawal, the son-in-law of former Nigeria’s Head of State, General Ibrahim Babagnida paid N50 billion to take over the bank and will pay an extra N1.3 trillion in the next 25 years.
The money is what CBN, and AMCON spent to receive the bank after it was taken away from Skye.
Bank has announced new board members after its acquisition by Strategic Capital Investment Limited.
As part of the change in ownership, the SCIL appointed a new independent board of directors to lead the bank’s growth strategy.
A statement said, “The new board will be led by the existing Chairman, M K Ahmad. He will be joined on the board by six non-executive directors and three executive directors, bringing extensive experience in the banking and wider financial services sector in Nigeria and internationally, and expertise in corporate governance, human resource management, law and regulation.”
According to the statement, Mr Adekunle Sonola is the Executive managing Director/Chief Executive Officer; while Mr Abdullahi Mohammed and Mr Segun Opeke are executive directors.
The non-executive directors are Mr Abubakar Suleiman; Ms Salma Mohammed; Mr Adeleke Adedipe; Mr Ahmed Almustapha; Mr Francesco Cuzzocrea; and Mrs Olabisi Odunowo.
Commenting on the acquisition and board transition, Ahmad said, “I would like to thank the outgoing board members profusely for their hard work 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.”