IBB Son-in-Law behind Polaris Bank acquisition

More facts are beginning to emerge on the face behind Strategic Capital Investment Limited (SCIL), the company that acquired Polaris Bank, former Skye Bank for a whopping N1.35 trillion, with an upfront payment of N50bn.

On Thursday, the Central Bank of Nigeria (CBN) disclosed that Polaris Bank had been sold to Strategic Capital Investment Ltd. (SCIL) after being under government’s control for about five years.

National Daily gathered that the man behind the acquisition is Lawan Auwal who got married to Halima, the second daughter and last child of former military dictator, General Ibrahim Badamosi Babangida (rtd), in May 2017.

He is one of the top directors at Strategic Capital Investment Limited.

READ ALSO: CBN completes sales of Polaris Bank, announces new owners

The firm is owned by Ponglomerape Limited, which has on its board, Lawan Auwal, Lawan Abdullahi, Lawan Shaibu, and Lawan Jamilu.

Lawan Auwal is a silent businessman who has been taunted to be a commercial farmer, but a closer look into the services of his companies, Ponglomerape Limited and Nice Corporate Services Limited, showed that he wears various crowns.

While his portfolio in Ponglomerape Limited shows he leads a board of four directors, he serves as Managing Director at Nice Corporate Services Limited.

Aside from his agricultural and trading business, Lawan’s company, Ponglomerape is into the business of civil engineering and real estate development, through spinoff firms, Ponglomerape Properties Investment Limited and Springe Estate.

Details of Nice Corporate Services expanded the investments of Lawan into the oil and gas industry, as well as general consultancy business.

Ponglomerape Limited was registered with the CAC on September 5, 2002, while Nice Corporate Services Limited was registered on May 13, 2004.