The new owners of Polaris Bank Limited, Strategic Capital Investment Limited (SCIL), wasted no time announcing a new board of directors to propel the bank into a new growth phase.
Speaking on behalf of SCIL, the new core investor, Sonola said, “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.”
A day after the Central Bank of Nigeria (CBN) announced the sale of Polaris Bank, the bank’s new owners, Strategic Capital Investment Limited (SCIL), have appointed a new management board
According to a statement released on Friday, the new board will be led by the organisation’s current chairman, M. K. Ahmad, and comprises six non-executive and three executive directors
The new board was unveiled shortly after news broke that SCIL had acquired a 100% equity stake in the bank for N50 billion and agreed to repay N1.3 trillion consideration bonds which the CBN previously injected into the bank.
The new board is made up of seasoned technocrats. But the responsibility of running the day-to-day affairs of the company now rests on the shoulders of Adekunle Sonola, the new Chief Executive Officer. He is a boardroom stalwart with 33 years of experience across Africa.
Sonola’s first message as CEO speaks volumes of his readiness for the new role if words were enough to judge character. He said:
“This is an exciting time for the Nigerian financial services industry, and we are committed to building on the strong foundations established by the departing board. We would like to thank them for their service and wish them well.“
A quick preview of his experience and background reveals that he is eminently qualified for the job. His most recent experience before joining Polaris Bank was as Executive Director of Commercial Banking at Union Bank Plc, a position he was appointed to in 2015. He left Union Bank in March 2021 after six years.
He has also had international experience as he was the pioneer Regional Managing Director of Guaranty Trust Bank East Africa, where he successfully rolled out the franchise in Uganda, Rwanda, and Kenya. He rose from being a member of the Corporate Finance Group to the Divisional Head of Corporate Banking. He also served as Director of Investment Banking Africa for Standard Bank of South Africa
Speaking on behalf of SCIL, the new core investor, Sonola said, “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.”
With more than 37 years of experience leading and working across the private and public sectors, Ahmad has extensive knowledge of the financial services, telecoms and FMCG sectors. He has been the Chairman of Polaris Bank since 2018, overseeing the stabilisation of the bank and the introduction of best-practice corporate governance. MK currently serves as the Chairman of the Interim Management Board of International Energy Assurance as well as Chairman of the Technical Committee of the National Council on Privatisation. He is also a Board Director of Flour Mills of Nigeria Plc, MTN Nigeria Communications Plc and FBN Holdco. Prior to this MK served as the pioneer Director General of PENCOM.
