Strategic Capital Investment Limited (SCIL) has acquired the ownership of Polaris Bank according to the Central Bank of Nigeria (CBN).
The CBN Director of Corporate Communications, Osita Nwanisobi disclosed this after a new core investor Strategic Capital Investment Limited (SCIL) acquired 100 percent equity in Polaris Bank on Thursday.
The statement said that SCIL has paid N50 billion upfront to acquire the equity, noting that the Bank has been operating as a bridge bank since 2018 when the Apex Bank intervened to revoke the licence of the former Skye Bank Plc and established a bridge bank to assume its assets and certain liabilities.
According to him, “this sale marks the completion of a landmark intervention in a strategic institution in the Nigerian banking sector by the CBN and AMCON. We commend the outgoing board and management for their vital role since the bridge bank was established; in stabilising the Bank’s operations, its balance sheet and implementing strong governance structures to address the issues that led to the intervention,” he quoted Godwin Emefiele CBN governor as saying on Thursday.
“This process has provided the CBN with an unprecedented opportunity to recover its intervention funds in full and promote financial stability and inclusive growth. We wish SCIL well as they implement growth plans to build the bank from the strong foundations that have been established,” Nwanisobi said.
Meanwhile, SCIL has announced a new independent board of directors to lead the bank’s growth strategy.
This was contained in a statement issued by the Executive Managing Director/Chief Executive Officer, Mr. Adekunle Sonola.
“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.”
Speaking on behalf of the 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 we 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.”
