Polaris retains Ahmad to chair new board
Polaris retains Ahmad to chair new board
The core investor of Polaris Bank Limited, Strategic Capital Investment Limited (SCIL), has retained Muhammad Ahmad as the chairman of the new board the completion of its share purchase agreement (SPA) last week.
The Asset Management Corporation of Nigeria (AMCON) and the Central Bank of Nigeria (CBN) had last week, announced the completion of the deal after N50 billion upfront payment and agreement to pay N1.305 trillion injected into the bank……………………..Continue Reading
Polaris had operated as a bridge bank since 2018 when the apex bank revoked the licence of the defunct Skye Bank Plc and set up Polaris to take over its assets and liabilities.
A consideration bond with a face value of N898 billion (future value of N1.305 trillion) was injected into the bridge bank through AMCON, to be repaid over 25 years.
CBN had argued that the actions were taken to prevent the collapse of the bank, protect depositors’ funds and prevent the systemic risk of its possible failure…………………..Continue Reading
At the weekend, SCIL appointed a new independent board of directors to “lead the bank’s growth strategy.” The board, it stated in a statement would be led by Ahmad, who would be joined by six non-executive directors and three executive directors.
A former Director General of the National Pension Commission (PENCOM), Ahmad headed the board of Polaris from its inception, overseeing its stabilisation of the bank phase as a bridge bank.