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Announcement of a new core investor in Polaris Bank
…A new Board and Management team appointed
Lagos, October 22, 2022: Polaris Bank is pleased to announce that it has been notified of the completion of a Share Purchase Agreement (SPA) for the acquisition of 100% of the equity in Polaris Bank (‘Polaris’ or ‘the Bank’) by Strategic Capital Investment Limited (‘SCIL’). As part of the change in ownership, SCIL has appointed a new independent Board of Directors to lead the bank’s growth strategy.
The new Board will be led by the existing Chairman M K Ahmad. He will be joined on the board by 6 non-executive directors and 3 executive directors, bringing extensive experience in the banking and wider financial services sector in Nigeria and internationally, and expertise in corporate governance, human resource management, law and regulation.
The incoming board are:
Alhaji MK Ahmad (Chairman)
Mr Abubakar Danlami Suleiman (Non-Executive Director)
Ms Salma Mohammed (Non-Executive Director)
Mr Adeleke Alex Adedipe (Non-Executive Director)
Mr Ahmed Almustapha (Non-Executive Director)
Mr Francesco Cuzzocrea (Non-Executive Director)
Mrs Olabisi Olubunmi Odunowo (Non-Executive Director)
Mr Adekunle Sonola (Executive – MD/CEO)
Mr Abdullahi S Mohammed (Executive Director)
Mr Segun Opeke (Executive Director)
Commenting on the acquisition and board transition, Chairman of Polaris Bank Alhaji M K Ahmad said: “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. 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.”
Speaking on behalf of SCIL, the new core investor, Adekunle Sonola, the incoming MD/CEO said: “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.”
Board Profiles
Alhaji M K Ahmad OON (Chairman)
With more than 37 years of experience leading and working across the private and public sectors, MK has extensive knowledge of the financial services, telecoms and FMCG sectors. He has been the Chairman of Polaris Bank since 2018, overseeing the stabilisation of the bank and the introduction of best-practice corporate governance. MK currently serves as the Chairman of the Interim Management Board of International Energy Assurance as well as Chairman of the Technical Committee of the National Council on Privatisation. He is also a Board Director of Flour Mills of Nigeria Plc, MTN Nigeria Communications Plc and FBN Holdco. Prior to this MK served as the pioneer Director General of PENCOM.
Mr Abubakar Danlami Suleiman (Non-Executive)
Mr Suleiman has more than 30 years of experience in the banking sector, having worked at the Central Bank of Nigeria, GT Bank, Continental Trust Bank, UBA Plc, NAL Bank Plc, Intercontinental Bank Plc (Executive Director), Sterling Bank Plc (Executive Director), Standard Chartered Bank (Managing Principal) and most recently as Deputy Managing Director/Acting Group Managing Director of Keystone Bank between 2017 and 2019. He has vast technical experience in the Financial Service sector, and very strong management and leadership qualities.
He is an alumnus of the Wharton Business School (Pennsylvania, USA) and the INSEAD (France).
Ms Salma Mohammed (Non-Executive)
Ms. Mohammed has over 25 years of experience as a Banker and a Human Resource Management professional having worked in operational and strategic human resource leadership positions across a range of financial institutions. She is Co-Founder/Chief Operating Officer of New Frontier Development Limited, an investment company focused on financial advisory, hospitality, real estate and proprietary investments in start-ups and challenged companies in the SME space.
She was previously the MD/CEO of Centrum Finance Company Limited, a CBN-licensed finance company and brings a strong combination of sector expertise and human capital management experience to the Polaris Bank board.
Mr Adeleke Alex Adedipe (Non-Executive)
Mr Adedipe is the Managing Partner at Duale, Ovia and Alex-Adedipe, where he leads the technology, media and communications practice as well as the M&A and Banking and Finance practice areas. His combination of expertise brings an important perspective to the board as a new strategy focused on innovation is developed and implemented.
Mr Ahmed Almustapha OFR (Non-Executive)
Mr Almustapha is a lawyer and experienced technocrat who served as the Registrar General of the Corporate Affairs Commission (CAC) from 2001 to 2009 during which he is widely acknowledged to have transformed the CAC into a modern IT-driven organisation. He has also served on the board of the Federal Inland Revenue Service (FIRS) and is respected as one of Nigeria’s leading authorities on corporate governance.
Mr Francesco Cuzzocrea (Non-Executive)
Mr Cuzzocrea is a banker with more than 35 years of experience in the international financial services sector. He has extensive board level, including in Nigeria where he served on the boards of Heritage Bank (until August 2016) and Oando Plc (until February 2016).
Mrs Olabisi Olubunmi Odunowo (Non-Executive Director)
Mrs Odunowo has more than 25 years of experience in the Nigerian banking sector having held operations leadership positions across a range of financial institutions including Coronation Merchant Bank, Stanbic IBTC Bank and Guaranty Trust Bank. She currently applies her extensive operational and customer service experience by advising and capacitating small and medium-sized businesses across a range of industries.
Mr Adekunle Sonola (Executive – MD/CEO)
Mr Sonola has more than 33 years of experience in the African financial services sector, most recently as Executive Director of Commercial Banking at Union Bank Plc, prior to which he was the pioneer Regional Managing Director of Guaranty Trust Bank East Africa and the Director of Investment Banking at Standard Bank in South Africa. Adekunle has also served on the boards of First Bank of Nigeria Plc where he chaired the Board’s Risk Management Committee and Airtel Nigeria Plc.
Mr Abdullahi S Mohammed (Executive Director)
Mr Mohammed has worked in the Nigerian Financial Services and public sectors for more than 20 years, having begun his financial services career with Century Merchant Bank and Kakawa Discount House before being appointed as the Commissioner for Works, Housing and Transport in Kano State. He returned to Kakawa Discount House in 2003, before joining First Bank and ultimately moving to his current position at Polaris Bank.
Mr Segun Opeke (Executive Director)
Mr Opeke has more than 26 years of experience in the Nigerian financial services sector with more than 15 years spent in Senior and Executive Management positions. Segun began his career with Chartered Bank before joining FSB Merchant Bank and then Prudent Bank before joining the then Skye Bank in 2006, rising to become Executive Director of the now Polaris Bank, with more than 15 years experience in the institution.
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ZENITH BANK MARKS 35 YEARS ANNIVERSARY IN GRAND STYLE, RECOGNISES PIONEER CUSTOMERS AND LONG-SERVING STAFF
L-R: Representative of the Nigerian First Lady and Secretary to the Lagos State Government, Barr. Bimbola Salu-Hundeyin; Chief of Staff to Ekiti State Governor, Mr. Adeniyi Adebayo; Group Managing Director/CEO, Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON; Governor of Lagos State, Mr. Babajide Sanwo-Olu; Wife of the Founder & Chairman of Zenith Bank Plc, Mrs. Kay Ovia; Vice President, Federal Republic of Nigeria, Senator Kashim Shettima, GCON; Founder & Chairman, Zenith Bank Plc, Jim Ovia, CFR; Governor of Borno State, Prof. Babagana Zulum; Governor of Ondo State, Mr. Lucky Aiyedatiwa; Deputy Governor of Osun State, Prince Kola Adewusi; Chairman of Access Holding Plc, Mr. Aigboje Aig-Imoukhuede, CFR; Minister of Industry, Trade & Investment, Dr. Jumoke Oduwole; and the Publisher of Thisday Newspaper, Prince Nduka Obaigbena at the Zenith Bank 35th Anniversary and Chairman’s Dinner held at Eko Hotel & Suites, Victoria Island, Lagos, at the weekend.
Amidst pomp and pageantry layered with a mixture of glitz and glamour, Zenith Bank Plc marked its 35th year anniversary with a commemorative Chairman’s Dinner at the Eko Convention Centre, Eko Hotels & Suites, Victoria Island, Lagos on Friday, August 15, 2025. In recognition of their immense contributions to the success of the brand, the bank also presented commemorative awards and plaques to pioneer customers and long-serving staff, who have served meritoriously for 25 years and above. The ceremony brought together key stakeholders of the bank including customers, staff (past and present), regulators, partners, and friends, who all came together to celebrate 35 years of excellent and innovative banking services that has propelled the banking giant to the peak of Nigeria’s financial industry. Among the eminent personalities who graced the occasion were the Vice President, Federal Republic of Nigeria, Senator Kashim Shettima, GCON; Governor of Lagos State, Mr. Babajide Sanwo-Olu; Governor of Ondo State, Mr. Lucky Aiyedatiwa; Governor of Taraba State, Dr. Agbu Kefas; Governor of Borno State, Prof. Babagana Zulum; Governor of Delta, Rt. Hon. Sheriff Oborevwori, who was ably represented by the Deputy Governor, Sir. Monday Onyeme; Alhaji Aliko Dangote, GCON; and former governors Peter Obi and Udom Emmanuel (also an alumnus of Zenith Bank).In her welcome address, the Group Managing Director/ Chief Executive of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON applauded the Founder and Chairman, Jim Ovia, CFR for his foundational role in building the structures for what has today become a shining example of excellence in the Nigerian banking industry and a globally recognised financial institution. She described him as “the Godfather of modern banking and the Nostradamus of our time, who through sheer tenacity, foresight, and uncompromising integrity transformed a modest vision into the financial powerhouse we celebrate today”.In his goodwill message, the Vice President, Federal Republic of Nigeria, Senator Kashim Shettima, GCON, a proud alumnus of the bank, praised the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR for being at the heart of the very successful brand that today stands as Nigeria’s largest bank by Tier-One capital. According to him, “Long before technology became the bloodstream of global finance, Jim Ovia had already woven it into the DNA of Nigerian banking industry. He introduced innovation not as a fashion but as a philosophy, placing Zenith Bank on a path where excellence is not an ambition but a standard. Yet his true signature is not only on the balance sheet. For Jim Ovia, the people make an institution. His greatest investment has been in human capital – in transferring his experience and sense of adventure to generation after generation of bankers and investors forged at Zenith Bank”.
Also speaking at the event, the Founder and Chairman of Zenith Bank, Jim Ovia, CFR expressed its immense appreciation to all guests for joining the bank in celebrating this momentous occasion. He thanked the bank’s esteemed customers and shareholders for their trust, confidence and shared vision; the regulators, for their guidance over the years; his friends and partners, for being a constant source of strength; the Zenith Bank family led by the exceptional Group Managing Diector/CEO, Dame Dr. Adaora Umeoji, OON, for their loyalty and commitment; and his beloved wife and family for their love and support.Founded in May 1990, Zenith Bank has grown from humble beginnings into one of Africa’s leading financial institutions with branches across the 36 states of the federation and the FCT, Abuja as well as subsidiaries in the United Kingdom, Ghana, Sierra Leone, Gambia, France, UAE and a representative office in China.
FirstBank, the West African premier financial institution and financial inclusion services provider, has emerged as Nigeria’s Best Bank for Environmental, Social, and Governance (ESG) at the prestigious Euromoney Awards for Excellence 2025, held recently in London. This marks FirstBank’s second consecutive win in the ESG category, affirming its leadership in sustainable finance and responsible banking across Nigeria.
The Euromoney Awards for Excellence are regarded as one of the most coveted accolades in the global financial industry. The highly competitive selection process involves rigorous analysis and assessment, measuring performance against strategic and impact-oriented criteria.
The Bank earned the award through its deepened sustainability commitments embedded across its operations and community initiatives. In 2024, FirstBank screened 237 transactions worth over ₦3 trillion for sustainability risks, integrating ESG considerations into its credit framework.
Among its flagship sustainability initiatives, FirstBank commenced a tree planting campaign in partnership with Nigeria Conservation Foundation (NCF), planting over 30,000 trees in 16 locations across Nigeria. This was the first phase of its 50,000-tree initiative, projected to absorb approximately 720 tonnes of CO₂ by the end of 2025, contributing to climate resilience and supporting biodiversity preservation.
FirstBank has been proactive in gender inclusion through the Gender Market Strategy, disbursing over ₦43 billion FirstGem loans to women-led businesses in 2024. The Bank’s commitment to inclusive banking saw a significant increase in the worth of transactions facilitated by FirstMonie agents to over ₦9 trillion.
The Bank prioritises ESG/sustainability capacity building, evidenced by the training of over 9000 employees, and its webinars and workshops reaching over 2,000 SMEs and corporates. The bank’s investment in leadership for over 2,000 female employees through the FirstBank Women Network has demonstrated a dedicated structural commitment to cultivating a knowledgeable and diverse workforce catering to the dynamic ESG landscape.
Commenting on the award, the Chief Risk Officer of the Bank as well as the Chairman of the FirstBank Sustainability Committee, Patrick Akhidenor said, “We are honoured to receive this prestigious award for the second time in a row, which is a validation of our efforts to create a sustainable and inclusive future for all our stakeholders. Our approach to sustainability is hinged on three pillars: education, health and welfare; diversity and financial inclusion; responsible lending, procurement and climate initiatives”
He added: “We remain focused on driving impact through purposeful initiatives and inclusive growth, ensuring that our ESG efforts continue to create meaningful change in communities across Nigeria and beyond.”
The continued success in ESG and sustainability is driven by FirstBank’s vision to be Africa’s bank of first choice, leading with purpose, responsibility, and innovation.
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Photo © 2025 – ASV Photography Ltd.
www.ASVphotos.comZenithBankPlchasbeennamed“Nigeria’sBestBank”attheEuromoneyAwardsforExcellence2025,emergingasNigeria’sstandoutperformer,andclinchingthebiggestandmost coveted country award. The award, which was presented to the bank on Thursday, July17,2025atThePeninsula,London,isatestament to its commitment to delivering exceptionalbanking services, innovative products and superior value to its customers and shareholders.Euromoney’s Awards for Excellence are one of the most highly coveted awards that matter tobanksandbankerswhomatter.TheannualAwardsforExcellencecelebratesfinancialinstitutions that demonstrate leadership, innovation, and resilience in their markets, with thisyear’seditionseeingarecordnumberofover770entriesfromworldclassfinancialinstitutionsincludingHSBC,MorganStanley,CitiBank,Barclays,StandardBankandDevelopment Bank of Singapore (DBS), amongst others.Commenting on the award, the Group Managing Director/Chief Executive of Zenith Bank Plc,Dame Dr. Adaora Umeoji, OON said, “We are absolutely thrilled to be recognized as Nigeria’sBestBankbyEuromoney.Thisawardisnotjustatestamenttoourrelentlesspursuitofexcellence, but also a validation of the unwavering trust and confidence our customers haveplaced in us. We are once again reminded that our success is not just about us, but about theimpact we continue to have on the financial ecosystem. We will continue to work tirelessly tosupportthegrowthanddevelopmentofoureconomyandupholdthehigheststandardsofgovernance, integrity and transparency that has earned us this recognition”.She dedicated the award to Zenith Bank’s customers across the globe for their loyalty, and tothe Founder and Chairman, Jim Ovia, CFR, for his visionary leadership and commitment toexcellencewhichformedthefoundationforthebank’ssuccesses.ShealsothankedtheBoardfortheirguidance,aswellasthestafffortheirunwaveringdedicationtobuildingaformidable and best in class global financial institution that will outlive generations.ZenithBank’strackrecordofexcellentperformancehascontinuedtoearnthebrandnumerous awards including being recognised as the Number One Bank in Nigeria by Tier-1Capitalforthesixteenthconsecutiveyearinthe2025Top1000WorldBanksRanking,publishedbyTheBanker.TheBankwasalsoawardedBankoftheYear(Nigeria)inTheBanker’s Bank of the Year Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020to2022, 2024and 2025,inthe GlobalFinance World’sBestBanks Awards;Best BankforDigitalSolutionsinNigeriaintheEuromoneyAwards2023;andwaslistedintheWorldFinance Top 100 Global Companies in 2023.Further recognitions include Best Commercial Bank, Nigeria for five consecutive years from2021 to 2025 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in theInternationalBanker2023and2024BankingAwards.Additionally,ZenithBankhasbeen -
acknowledgedastheBestCorporateGovernanceBank,Nigeria,intheWorldFinanceCorporateGovernanceAwardsforfourconsecutiveyearsfrom2022to2025and‘BestinCorporateGovernance’FinancialServices’Africaforfourconsecutiveyearsfrom2020to2023 by the Ethical Boardroom.The Bank’s commitment to excellence saw it being named the Most Valuable Banking BrandinNigeria inThe Banker’sTop 500Banking Brandsfor 2020 and 2021,Bank ofthe Year 2023and2024attheBusinessDayBanksandOtherFinancialInstitutions(BAFI)Awards,andRetail Bank of the Yearfor three consecutive years from2020 to 2022 and in2024 at the BAFIAwards. The Bank also received the accolades of Best Commercial Bank, Nigeria and BestInnovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.ZenithBankwasalsonamedMostResponsibleOrganisationinAfrica,BestCompanyinTransparencyandReportingandBestCompanyinGenderEqualityandWomenEmpowerment atthe SERAS CSRAwards Africa 2024;Bank of theYear 2024by ThisDayNewspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME TradeFinance,2023byNairametrics.TheBank’sHybridOfferwasalsoadjudged‘RightsIssue/Public Offer of the Year’ at the Nairametrics Capital Market Choice Awards 2025
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