A day after the Central Bank of Nigeria (CBN) announced the sale of Polaris Bank, the bank’s new owners, Strategic Capital Investment Limited (SCIL), have appointed a new management board
According to a statement released on Friday, the new board will be led by the organisation’s current chairman, M. K. Ahmad, and comprises six non-executive and three executive directors
AdekunIe Sonola, was appointed as the new Managing Director/Chief Executive Officer.
Mr Sonola, a former Executive Director of Commercial Banking at Union Bank Plc. replaces Innocent Ike.
The government announced SCIL as the preferred bidder to take over the bank, four years after taking over the troubled Skye Bank, renaming it Polaris Bank and injecting more than N1 trillion in public funds to recapitalise the bank. The bidding process was never made public.
In a statement on Thursday, the CBN stated the sale decision was taken jointly with the Asset Management Company of Nigeria. The CBN said the new owner has promised to repay N1.3 trillion that was invested into the bank.
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