Polaris Bank has appointed Adekunle Sonola as the new managing director and chief executive officer. The new chief executive took over from Innocent C. Ike who has lost his position due to the take-over of the bank by a core investor, Strategic Capital Investment, Ltd, SCIL.
The Central Bank of Nigeria, CBN disclosed in a statement last week that the new investor has acquired the former bride bank after paying N50 billion, in addition to the N1.3 trillion the investor will inject into the bank in course of 25 years.
The apex bank said, “SCIL has paid an upfront consideration of N50 billion to acquire 100% of the equity of Polaris Bank and has accepted the terms of the agreement which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected.”
Two days after the CBN announced the buy-out, SCIL said it has constituted its own management board with MK Ahmad as its chairman, alongside three executive directors and seven non-executive directors.
According to a corporate filing released by the bank, it said the new board members will bring their experience in the financial services sector to the fore in their new roles.
Speaking on the new appointments Sonola said the new board will leverage the achievements of the outgoing board to take Polaris Bank to a new level of sustainable growth.
“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,” he said.
