By our Reporter
Following the offer for sale and the sale of Polaris Bank by the Apex Bank,Central Bank of Nigeria,the Bank has named a new board and management which was bought by the Strategic Capital Investment Limited.
The new board will be led by the existing chairman M K Ahmad, who will be joined on the board by six non-executive directors and three executive directors, it said in a statement Friday.
AdekunIe Sonola, a former executive director at Union Bank, is the managing director and chief executive officer of the bank.
The Central Bank of Nigeria on Friday announced the sale of Polaris Bank to SCIL, four years after the government took over the distressed Skye Bank, renamed it before injecting over N1 trillion of public funds to recapitalise the bank.
Strategic Capital Investment Limited emerged the preferred bidder for the lender, the CBN said in a statement late Thursday. The sale decision was jointly taken with the Asset Management Corporation of Nigeria (AMCON), the government’s bad debt buyer, which took over Skye Bank after the CBN withdrew its licence in 2018 before setting up Polaris as a bridge bank.
The new owner, SCIL, paid N50 billion and has agreed to refund N1.3 trillion injected into the bank, CBN said.