Polaris Bank Introduces New Board After Being Acquired

Why CBN Can't Freeze Our Accounts -Polaris Bank

Polaris Bank has introduced its new board, which would be led by the existing Chairman, M K Ahmad.

Following its N50 billion acquisition by Strategic Capital Investment Limited (SCIL), Polaris Bank, in a statement cited by BizWatch Nigeria, disclosed that while Ahmed retained his position as the Chairman of the financial institution, it has appointed Adekunle Sonola, who would serve as its Chief Executive Officer (CEO).

“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,” a statement read, noting that the new board is expected to lead Polaris Bank’s strategic growth.

In the new leadership of the bank, Sonola is the Executive managing Director/Chief Executive Officer; while Abdullahi Mohammed and Segun Opeke are executive directors.

The non-executive directors are -Abubakar Suleiman; Salma Mohammed; Adeleke Adedipe; Ahmed Almustapha; Francesco Cuzzocrea; and 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.”

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