Polaris Bank gets new management after acquisition

The new owners of Polaris Bank Limited, Strategic Capital Investment Limited (SCIL), on Friday announced a new management team for the lender.

SCIL completed the acquisition of Polaris Bank for N50 billion on Thursday.

Consequently, Mr. Adekunle Sonola has been appointed as the bank’s new Managing Director/Chief Executive Officer.

Sonola, who is replacing Mr. Innocent C. Ike, has more than 33 years of experience in the financial services sector, most recently as Executive Director of Commercial Banking at Union Bank Plc.

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.

The banker had also served on the boards of Airtel Africa Plc and First Bank of Nigeria, where he chaired the board’s Risk Management Committee.

He will be expected to reposition the bank for greatness.

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In his first statement after the announcement, 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 established by the departing board. We would like to thank them 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.”

The bank also announced a new board to be headed by Mr. M K Ahmad.

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Ahmad has more than 37 years of experience in the financial sector and has been the Chairman of Polaris Bank since 2018, overseeing the stabilisation of the bank and the introduction of best corporate practices.

He currently serves as the Chairman of the Interim Management Board of International Energy Assurance and the Technical Committee of the National Council on Privatisation.

Ahmad is also a Director at Flour Mills of Nigeria Plc, MTN Nigeria Communications Plc, and FBN Holdings.

He was the pioneer Director-General of the National Pension Commission (PENCOM).

The bank has also appointed Abubakar Danlami Suleiman, Ms. Salma Mohammed, Adeleke Alex Adedipe, Ahmed Al-Mustapha, Francesco Cuzzocrea, and Olabisi Olubunmi Odunowo as non-executive directors, while Abdullahi S. Mohammed and Segun Opeke were chosen as executive directors.