Polaris Bank has announced Adekunle Sonola as MD/CEO and the constitution of a new board and management team.

The bank made the announcement in a Friday statement.

Recall that the Central Bank of Nigeria (CBN) on Thursday announced that a new investor, Strategic Capital Investment Limited (SCIL), had acquired 100 percent equity stakes in the bank.

In its statement, the bank confirmed the new ownership.

“Polaris Bank is pleased to announce that it has been notified of the completion of a Share Purchase Agreement (SPA) for the acquisition of 100% of the equity in Polaris Bank (‘Polaris’ or ‘the Bank’) by Strategic Capital Investment Limited (‘SCIL’).

“As part of the change in ownership, SCIL has appointed a new independent Board of Directors to lead the bank’s growth strategy.

“The new Board will be led by the existing Chairman M K Ahmad.

“He will be joined on the board by 6 non-executive directors and 3 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,” the statement read in part.

According to the statement, Mr. Adekunle Sonola was appointed Managing Director and Chief Executive Officer.

Other members of the board include: Alhaji Muhammed Ahmad, Chairman; Abubakar Suleiman, Non-Executive Director; Salma Mohammed, Non-Executive Director; Adeleke Adedipe, Non-Executive Director; Ahmed Almustapha, Non-Executive Director; Francesco Cuzzocrea, Non-Executive Director; and Olabisi Odunowo, Non-Executive Director.

Commenting on the acquisition and board transition, Chairman of Polaris Bank Alhaji M K 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.”

Speaking on behalf of SCIL, the new core investor, Adekunle Sonola, the incoming MD/CEO 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 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.”