Home Muhammad Polaris Bank appoints Muhammad Ahmad Chairman, Adekunle Sonola MD – WorldStage

Polaris Bank appoints Muhammad Ahmad Chairman, Adekunle Sonola MD – WorldStage


WorldStage newsonline– Polaris Bank has appointed a new independent board of directors to lead the bank’s growth strategy.

Alhaji Muhammad Ahmad, Chairman of the Board of Polaris, said in a statement in Lagos.

The statement said the board would have six non-executive directors and three executive directors.

The new board and management include: Ahmad, chairman; Abubakar Suleiman, non-executive director; Salma Mohammed, non-executive director; Adeleke Adedipe, non-executive director and Ahmed Almustapha, non-executive director.

Others like Francesco Cuzzocrea, non-executive director; Olabisi Odunowo, non-executive director; Abdullahi Mohammed (Executive Firefighter) and Segun Opeke (Executive Director).

He also appointed Adekunle Sonola, former executive director of Union Bank, as the new executive managing director and chief executive officer of the financial institution.

Commenting on the acquisition and board transition, Ahmad said the bank was willing to work with its key investors to improve and stabilize the business.

“I would like to extend my sincere thanks to the outgoing members of the Board of Directors for their hard work and dedication over the past four years as we established a strong governance structure and stabilized the bank.

“I am very pleased with the progress we have been able to make and that we have fulfilled 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 look forward to working with the new board and our key investors to grow the platform we have created,” he said. -he declares.

For his part, Sonola, who spoke on behalf of SCIL, said the new board would ensure that the bank’s growth is sustained.

“We are excited to be part of the next phase of growth for Polaris Bank and to have been able to recruit such an experienced and diverse Board of Directors that we are confident can lead Polaris Bank into a new era of sustainable growth.

“These are exciting times for the Nigerian financial services industry and we are committed to building on the strong foundations that have been laid by the outgoing Board of Directors. We would like to thank them for their service and wish them well. .

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

The change in ownership came after the Central Bank of Nigeria announced that it had entered into a Share Purchase Agreement (SPA) for the acquisition of 100% of the bank’s capital by Strategic Capital Investment Limited (“SCIL “).

The apex bank said SCIL paid an upfront consideration of N50 billion to acquire 100% equity in Polaris Bank.

He added that SCIL has agreed to the terms of the deal, which includes the full repayment of the sum of N1.31 trillion, being the counterparty obligations injected.