Retired military head of state, Ibrahim Babangida’s inlaw, Auwal Lawal buys Polaris Bank for N50bn

Retired military head of state, Ibrahim Babangida’s inlaw, Auwal Lawal buys Polaris Bank for N50bn

The identity of the new owner of the Polaris Bank emerged yesterday as more details about the N50 billion transaction were uncovered. The new owner

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The identity of the new owner of the Polaris Bank emerged yesterday as more details about the N50 billion transaction were uncovered.

The new owner, Auwal Lawal Abdullahi, is an in-law to the former Nigerian military ruler, General Ibrahim Badamosi Babangida (rtd). He is married to Halima, the second daughter and last child of the former Nigerian military head of state.

Lawal is a businessman, entrepreneur and a philanthropist. He holds the traditional chieftain title of Sarkin Sudan of Gombe.

He is also the Chairman and CEO of Nice Corporate Services Limited registered with the Corporate Affairs Commission, Nigeria since 2004. A company that deals in real estate development, commodities trading, and supply of agricultural machinery and fertilizer.

Meanwhile,  Adekunle Sonola, was yesterday appointed the new Managing Director/Chief Executive Officer of the bank.

Sonola replaces Innocent C. Ike, who was appointed Acting Managing Director/CEO  of the bank in August 2020.

The bank has equally reconstituted its board and appointed a new management team led by its Chairman, Muhammad Ahmad.

The new board and management appointments followed the completion of a Share Purchase Agreement (SPA) for the acquisition of 100 percent of the equity in Polaris Bank by Strategic Capital Investment Limited (SCIL) on Thursday.

The members of the new board are MK Ahmad (Chairman), Abubakar Danlami Suleiman (Non-Executive Director), Salma Mohammed (Non-Executive Director), Adeleke Alex Adedipe (Non-Executive Director), Ahmed Almustapha (Non-Executive Director). Others are  Francesco Cuzzocrea (Non-Executive Director), Olabisi Olubunmi Odunowo (Non-Executive Director), AdekunIe Sonola (Executive – M D/CEO), Abdullahi S Mohammed (Executive Director) and Segun Opeke (Executive Director).