Polaris Bank Acquired for 50 Billion Naira by Lawan Auwal

Lawan Auwal, the Son-in-law to Nigeria’s Former Head of State, Ibrahim Badamasi Babaginda, acquires Polaris Bank for 50 Billion Naira.

The Central Bank of Nigeria has opened up that the banking sector consists of around 21 commercial banks.

These banks are privately-owned by Nigerian elites, business men and industrialists.

The businessman and industrialist, Lawan Auwal, is the newest addition to the list, joining other bank owners after his company completed the take over of Polaris Bank.

Biography of Lawan Auwal

Lawan Auwal is the CEO and owner of Strategic Capital Investment Ltd. (SCIL), the business that acquired Polaris bank from the Central Bank of Nigeria and Asset Management Corporation of Nigeria.

This acquisition and possession is not a straight one as it is a continuous process. By this way, it means that Auwal’s company paid N50 billion to take over the bank and will pay an extra N1.3 trillion in the next 25 years.

Lawan, who is Polaris Bank’s new owner, is a good and intelligent Businessman, who built his business steadily over the years. He is the son-in-law of former Nigeria head of state, IBB.

Lawan Auwal was relatively unknown, even though he was a successful businessman, until he married IBB’s daughter as his third wife. It was a ceremony of show of wealth and class. It was celebrated in two states and with series or ceremonies in between.

He is the founder of the business, Strategic Capital Investment Limited. This business is further owned by Ponglomerape Limited that has Lawan Auwal, Lawan Abdullahi, Lawan Shaibu, and Lawan Jamilu as its board of directors.

Ponglomerape Limited is into the agriculture business, civil engineering and real estate development. Lawan is the Sarkin Sudan of Gombe. He is also a philanthropist.

Other popular bank owners in Nigeria include Jim Ovia who owns Zenith Bank, Tony Elumelu who is a major shareholder in UBA, Fidelity that has Mustafa Chike-Obi as that major risk taker, and GTB with Tajudeen Afolabi Adeola as the head.

What does this mean for Polaris Bank Customers?

This means that the Central Bank’s policy of protecting your interest in the banking sector is working. Your money is safe. You don’t have to worry.

With the new take over, you are to expect good service delivery, more robust banking, and safety of your savings in the bank.

Appointment of New Managers and Board of Directors for Polaris Bank

To show commitment in protecting the interests of the customers and elevating the bank, Lawal quickly appointed New Managers and Directors.

The newly appointed Managing Director of the bank is Adekunle Sonola. He is a boardroom stalwart with 33 years of experience across Africa. Sonola’s experience and knowledge is not in doubt.

His first message as CEO/MD showa a lot about his readiness to work and deliver for the bank. He is quoted saying:

“This is an exciting time for the Nigerian financial services industry, and we are committed to building on the strong foundations established by the departing board. We would like to thank them for their service and wish them well.“

Sonola was formerly the Executive Director of Commercial Banking at Union Bank Plc, a position he was appointed to in 2015. He left Union Bank in March 2021 after six years.

He has a touch of international experience as he was the pioneer Regional Managing Director of Guaranty Trust Bank East Africa. He was supervised the growth of the bank in Uganda, Rwanda, and Kenya. He rose from being a member of the Corporate Finance Group to the Divisional Head of Corporate Banking. He also served as Director of Investment Banking Africa for Standard Bank of South Africa.

In addition, he has served on the boards of Airtel Africa Plc and First Bank of Nigeria where he chaired the board’s Risk Management Committee.

He studied English Language in Ogun State University, studied Law in Obafemi Awolowo University, and acquired an MBA from Durham University Business School, Durham, United Kingdom.