_ …A NEW BOARD AND MANAGEMENT TEAM APPOINTED_
Polaris Bank is pleased to announce that it has
been notified of the completion of a Share Purchase Agreement (SPA) for the
acquisition of 100% of the equity in Polaris Bank (‘Polaris’ or ‘the Bank’)
by Strategic Capital Investment Limited (‘SCIL’). As part of the change in
ownership, SCIL has appointed a new independent Board of Directors to lead
the bank’s growth strategy.
The new Board will be led by the existing Chairman M K Ahmad. He will be
joined on the board by 6 non-executive directors and 3 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.
The incoming board are:
Alhaji MK Ahmad (Chairman)
Mr Abubakar Danlami Suleiman (Non-Executive Director)
Ms Salma Mohammed (Non-Executive Director)
Mr Adeleke Alex Adedipe (Non-Executive Director)
Mr Ahmed Almustapha (Non-Executive Director)
Mr Francesco Cuzzocrea (Non-Executive Director)
Mrs Olabisi Olubunmi Odunowo (Non-Executive Director)
Mr Adekunle Sonola (Executive – MD/CEO)
Mr Abdullahi S Mohammed (Executive Director)
Mr Segun Opeke (Executive Director)
Commenting on the acquisition and board transition, Chairman of Polaris
Bank Alhaji M K 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 SCIL, the new core investor, Adekunle Sonola, the
incoming MD/CEO 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.”
BOARD PROFILES
Alhaji M K Ahmad OON (Chairman)
With more than 37 years of experience leading and working across the
private and public sectors, MK 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.
Mr Abubakar Danlami Suleiman (Non-Executive)
Mr Suleiman has more than 30 years of experience in the banking sector,
having worked at the Central Bank of Nigeria, GT Bank, Continental Trust
Bank, UBA Plc, NAL Bank Plc, Intercontinental Bank Plc (Executive
Director), Sterling Bank Plc (Executive Director), Standard Chartered Bank
(Managing Principal) and most recently as Deputy Managing Director/Acting
Group Managing Director of Keystone Bank between 2017 and 2019. He has vast
technical experience in the Financial Service sector, and very strong
management and leadership qualities.
He is an alumnus of the Wharton Business School (Pennsylvania, USA) and the
INSEAD (France).
Ms Salma Mohammed (Non-Executive)
Ms. Mohammed has over 25 years of experience as a Banker and a Human
Resource Management professional having worked in operational and strategic
human resource leadership positions across a range of financial
institutions. She is Co-Founder/Chief Operating Officer of New Frontier
Development Limited, an investment company focused on financial advisory,
hospitality, real estate and proprietary investments in start-ups and
challenged companies in the SME space.
She was previously the MD/CEO of Centrum Finance Company Limited, a
CBN-licensed finance company and brings a strong combination of sector
expertise and human capital management experience to the Polaris Bank
board.
Mr Adeleke Alex Adedipe (Non-Executive)
Mr Adedipe is the Managing Partner at Duale, Ovia and Alex-Adedipe, where
he leads the technology, media and communications practice as well as the
M&A and Banking and Finance practice areas. His combination of expertise
brings an important perspective to the board as a new strategy focused on
innovation is developed and implemented.
Mr Ahmed Almustapha OFR (Non-Executive)
Mr Almustapha is a lawyer and experienced technocrat who served as the
Registrar General of the Corporate Affairs Commission (CAC) from 2001 to
2009 during which he is widely acknowledged to have transformed the CAC
into a modern IT-driven organisation. He has also served on the board of
the Federal Inland Revenue Service (FIRS) and is respected as one of
Nigeria’s leading authorities on corporate governance.
Mr Francesco Cuzzocrea (Non-Executive)
Mr Cuzzocrea is a banker with more than 35 years of experience in the
international financial services sector. He has extensive board level,
including in Nigeria where he served on the boards of Heritage Bank (until
August 2016) and Oando Plc (until February 2016).
Mrs Olabisi Olubunmi Odunowo (Non-Executive Director)
Mrs Odunowo has more than 25 years of experience in the Nigerian banking
sector having held operations leadership positions across a range of
financial institutions including Coronation Merchant Bank, Stanbic IBTC
Bank and Guaranty Trust Bank. She currently applies her extensive
operational and customer service experience by advising and capacitating
small and medium-sized businesses across a range of industries.
Mr Adekunle Sonola (Executive – MD/CEO)
Mr Sonola has more than 33 years of experience in the African financial
services sector, most recently as Executive Director of Commercial Banking
at Union Bank Plc, prior to which he was the pioneer Regional Managing
Director of Guaranty Trust Bank East Africa and the Director of Investment
Banking at Standard Bank in South Africa. Adekunle has also served on the
boards of First Bank of Nigeria Plc where he chaired the Board’s Risk
Management Committee and Airtel Nigeria Plc.
Mr Abdullahi S Mohammed (Executive Director)
Mr Mohammed has worked in the Nigerian Financial Services and public
sectors for more than 20 years, having begun his financial services career
with Century Merchant Bank and Kakawa Discount House before being appointed
as the Commissioner for Works, Housing and Transport in Kano State. He
returned to Kakawa Discount House in 2003, before joining First Bank and
ultimately moving to his current position at Polaris Bank.
Mr Segun Opeke (Executive Director)
Mr Opeke has more than 26 years of experience in the Nigerian financial
services sector with more than 15 years spent in Senior and Executive
Management positions. Segun began his career with Chartered Bank before
joining FSB Merchant Bank and then Prudent Bank before joining the then
Skye Bank in 2006, rising to become Executive Director of the now Polaris
Bank, with more than 15 years experience in the institution.
—- ENDS —-
About Polaris Bank
Polaris Bank was established by the Central Bank of Nigeria (CBN) on
September 21, 2018, to offer commercial banking services to the Nigerian
public. The bank commenced services on the same day, having purchased the
assets and assumed certain liabilities of the defunct Skye Bank.
With a footprint of over 253 branches across the country, Polaris Bank
prides itself in delivering exceptional customer experience, leveraging
best-in-class/state-of-the-art Information Communication Technology (ICT).
By focusing on ICT solutions across multiple service delivery channels
(mobile banking, ATMs, POS and online platforms) Polaris Bank maintains a
pivotal role in the Nigerian banking industry, providing customers with
simple, convenient and secured banking services.
About Strategic Capital Investment Limited (SCIL).
Strategic Capital Investment Limited (SCIL) is a special-purpose vehicle
established by Ponglomerape Limited and Clotaire Investment Limited to
acquire 100% of Polaris Bank with a focus on institutionalisation and
technology driving the growth of the bank into a top ten Nigerian Bank in 5
years.
Ponglomerape is a diversified conglomerate and successful private
investment group with investments in the real estate, agriculture,
manufacturing and consulting sectors.
Clotaire is a private investment vehicle controlled by the founders of a
leading West African private investment company with interests in a wide
range of sectors.
M K Ahmad
Chairman
