Former Union Bank ED, Adekunle Sonola, appointed MD/CEO of Polaris Bank

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Polaris Bank has announced the appointment of the former executive director at Union Bank, Mr. Adekunle Sonola, as its new managing director and chief executive officer.

The bank also announced in a statement issued yesterday (Friday) that it constituted a new board headed by the current chairman, Mr. Muhammad Ahmed

The board has six non-executive directors and three executive directors.

They are Messrs Abubakar Suleiman, Salma Mohammed, Adeleke Adedipe, Ahmed Almustapha, Francesco Cuzzocrea, and Olabisi Odunowo with Ahmad as chairman.

The others are Messrs Abdullahi Mohammed and Segun Opeke as executive directors.

Commenting on the acquisition and board transition, Ahmad said he was pleased with the progress made in stabilizing the bank with four years.

“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,” he said.

Also commenting, 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.

“We have mandated the incoming management to develop an innovative, but sustainable growth strategy that prioritises the needs and aspirations of our current customers.”

Recall that the Central Bank of Nigeria (CBN) had announced the acquisition of 100 per cent equity stakes in the bank by Strategic Capital Investment Limited (SCIL).

CBN said SCIL paid an upfront consideration of N50 billion to acquire 100 percent of the equity of Polaris Bank and has accepted the terms of the agreement, which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected.

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