Polaris Bank has constituted a new Board of Directors under the chairmanship of Muhammad Ahmad, and announced a former Executive Director at Union Bank, Adekunle Sonola, as its new Managing Director and Chief Executive Officer.

The bank bought about a day ago by Strategic Capital Investment Limited (SCIL), said in a statement that the new Board “will be led by the existing Chairman M K Ahmad. He will be joined on the board by 7 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 new management team listed in the bank’s statement include: 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; Olabisi Odunowo, non-executive director.

Also serving on the Board are Abdullahi Mohammed (executive director), and Segun Opeke (executive director).

According to Ahmad, the bank will work with its investors to improve to deliver on its mandate.

“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,” he said.

“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, Sonola said the new board would ensure that it sustains the growth of the bank.

“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.”

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