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Following the acquisition of a 100% stake in Polaris Bank, Strategic Capital Investment Limited (“SCIL”) is pleased to announce that 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 current chairman, MK Ahmad. He will be joined on the board by 6 non-executive directors and 3 executive directors, bringing extensive experience in the banking and financial services sector in Nigeria and internationally, as well as expertise in corporate governance. , human resource management, law and regulation. The incoming Board of Directors is:

Alhaji MK Ahmad (Chairman)
Mr. Abubakar Danlami Suleiman (Non-Executive Director)
Ms. Salma Mohammed (non-executive director)
Mr. Adeleke Alex Adedipe (non-executive director)
Mr. Ahmed Almustapha (non-executive director)
Mr. Francesco Cuzzocrea (non-executive director)
Ms. Olabisi Olubunmi Odunowo (Non-Executive Director)
Mr. Adekunle Sonola (Executive – MD/CEO)
Mr. Abdullahi S Mohammed (Executive Director)
Mr. Segun Opeke (Executive Director)

Commenting on the board acquisition and transition, Polaris Bank Chairman Alhaji MK Ahmad said, “I would like to warmly thank the outgoing board members for their hard work and dedication over the past four years as we established a solid governance structure and stabilized the bank. I am very pleased with the progress we have been able to make and that we have fulfilled 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 look forward to working with the new Board and our key investors to grow the platform we have created.

Speaking on behalf of SCIL’s new lead investor, Adekunle Sonola, the new CEO/CEO said, “We are delighted to be part of Polaris Bank’s next phase of growth and to have been able to recruit a board of directors. so experienced and diverse. We believe directors can lead Polaris Bank into a new era of sustainable growth. These are exciting times for the Nigerian financial services industry and we are committed to building on the strong foundations that have been laid by the outgoing Board of Directors. We would like to thank them for their service and wish them good luck.

We have mandated new management to develop an innovative yet sustainable growth strategy that prioritizes the needs and aspirations of our current customers. »

Polaris Bank Board Profiles

Alhaji MK Ahmad OON (Chairman)
With over 37 years of experience leading and working in the private and public sectors, MK has extensive knowledge of the financial services, telecommunications and consumer packaged goods industries. He has been Chairman of Polaris Bank since 2018, overseeing the stabilization of the bank and the introduction of corporate governance best practices. Mr. K is currently Chairman of the Interim Board of Directors of International Energy Assurance as well as Chairman of the Technical Committee of the National Council on Privatization. He is also a director of Flour Mills of Nigeria Plc, MTN Nigeria Communications Plc and FBN Holdco. Prior to that, MK served as the first Managing Director of PENCOM.

Mr. Abubakar Danlami Suleiman (non-executive)
Mr. Suleiman has over 30 years of banking experience, having worked at the Central Bank of Nigeria, GT Bank, Continental Trust Bank, UBA Plc, NAL Bank Plc, Intercontinental Bank Plc (Executive Director), Sterling Bank Plc (Executive Director Director), Standard Chartered Bank (Managing Principal) and most recently as Deputy Managing Director/Interim Group Managing Director of Keystone Bank between 2017 and 2019. He has extensive technical experience in the financial services industry and very strong management and leadership qualities.

He is a former student of Wharton Business School (Pennsylvania, USA) and INSEAD (France).

Ms. Salma Mohammed (non-executive)
Ms. Mohammed has over 25 years of experience as a banker and human resources management professional, having held operational and strategic human resources leadership positions in various financial institutions. She is Co-Founder/Chief Operating Officer of New Frontier Development Limited, an investment company focused on financial advisory, hospitality, real estate and proprietary investments in start-ups and distressed businesses in the area of ​​SMEs.

She was previously CEO/CEO of Centrum Finance Company Limited, a CBN-licensed finance company and brings a strong combination of industry expertise and human capital management experience to the Board of Polaris Bank.

Mr. Adeleke Alex Adedipe (non-executive)
Mr. Adedipe is a Managing Partner at Duale, Ovia and Alex-Adedipe, where he leads the Technology, Media and Communications practice as well as the Mergers & Acquisitions and Banking & Finance practice areas. His combination of expertise brings important perspective to the board as a new innovation-driven strategy is developed and implemented.

Mr. Ahmed Almustapha OFR (Non-Executive)
Mr. Almustapha is an experienced lawyer and technocrat who served as the Registrar General of the Corporate Affairs Commission (CAC) from 2001 to 2009, during which time he is widely credited with transforming the CAC into a modern organization. IT-oriented. He has also served on the board of the Federal Inland Revenue Service (FIRS) and is respected as one of Nigeria’s leading authorities on corporate governance.

Mr. Francesco Cuzzocrea (Non-Executive)
Mr. Cuzzocrea is a banker with over 35 years of experience in the international financial services industry. He has numerous boards, including in Nigeria where he served on the boards of Heritage Bank (until August 2016) and Oando Plc (until February 2016).

Ms. Olabisi Olubunmi Odunowo (Non-Executive Director)
Ms. Odunowo has over 25 years of experience in the Nigerian banking industry, having held senior operations positions in various financial institutions including Coronation Merchant Bank, Stanbic IBTC Bank and Guaranty Trust Bank. She currently applies her extensive operational and customer service experience in advising and empowering small and medium-sized businesses in a range of industries.

Mr. Adekunle Sonola (Executive – MD/CEO)
Mr. Sonola has over 33 years of experience in the financial services industry in Africa, most recently as Executive Director of Commercial Banking at Union Bank Plc, prior to which he was the first Regional Managing Director of Guaranty Trust Bank East Africa and the director of the investment bank. at Standard Bank in South Africa. Adekunle has also served on the boards of First Bank of Nigeria Plc, where he chaired the board’s risk management committee, and Airtel Nigeria Plc.

Mr. Abdullahi S Mohammed (Executive Director)
Mr. Mohammed has worked in the Nigerian financial services and public sectors for over 20 years, having started his career in financial services with Century Merchant Bank and Kakawa Discount House before being appointed Commissioner for Works, Housing and transport in Kano State. He returned to Kakawa Discount House in 2003, before joining First Bank and eventually assuming his current position at Polaris Bank.

Mr. Segun Opeke (Executive Director)
Mr. Opeke has over 26 years of experience in the Nigerian financial services industry with over 15 years in management and executive positions. Segun started his career at Chartered Bank before joining FSB Merchant Bank and then Prudent Bank before joining Skye Bank in 2006, becoming Executive Director of what is now Polaris Bank, with over 15 years experience in the institution.


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