Polaris announces new core investor, appoints Sonola as MD/CEO

By Motolani Oseni

Polaris announces new core investor, appoints Sonola as MD/CEO weekend announced the appointment of a new independent Board of Directors to lead the lender’s growth strategy.

The incoming board are; 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) and Mr Francesco Cuzzocrea (Non-Executive Director); Mrs Olabisi Olubunmi Odunowo (Non-Executive Director); Mr Adekunle Sonola (Executive – MD/CEO); Mr Abdullahi S Mohammed (Executive Director) and Mr Segun Opeke (Executive Director).

With this development, the new Board will be led by the existing Chairman M K Ahmad, who has more than 37 years of experience leading and working across the private and public sectors, MK has extensive knowledge of the financial services, telecoms, and FMCG sectors. He has been the Chairman of Polaris Bank since 2018, overseeing the stabilisation of the bank and the introduction of best-practice corporate governance.

He would be joined on the board by 6 non-executive directors and 3 executive directors, including Mr Abubakar Danlami Suleiman (Non-Executive), who has more than 30 years of experience in the banking sector, 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).

Another Non-Executive Director, Ms Salma Mohammed, has over 25 years of experience as a Banker and a Human Resource Management professional having worked in operational and strategic human resource leadership positions across a range of 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 challenged companies in the SME space.

Also, Mr Adeleke Alex Adedipe, a Non-Executive Director is the Managing Partner at Duale, Ovia and Alex-Adedipe, where he leads the technology, media and communications practice as well as the M&A and Banking and Finance practice areas. His combination of expertise brings an important perspective to the board as a new strategy focused on innovation is developed and implemented.

Mr Almustapha, who is a lawyer is also a Non-Executive Director and experienced technocrat, served as the Registrar General of the Corporate Affairs Commission (CAC) from 2001 to 2009, during which he is widely acknowledged to have transformed the CAC into a modern IT-driven organisation.

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, the sixth Non-Executive Director, is a banker with more than 35 years of experience in the international financial services sector. He has extensive board level, including in Nigeria where he served on the boards of Heritage Bank (until August 2016) and Oando Plc (until February 2016).

Others are; Mrs Olabisi Olubunmi Odunowo (Non-Executive Director); Mr Adekunle Sonola (Executive – MD/CEO); Mr Abdullahi S Mohammed (Executive Director) and Mr Segun Opeke (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”, he said.