Adekunle Sonola, the managing director and chief executive officer of Polaris Bank, sent an email to the workers in response to a news story about the bank’s ownership, Platinum Times reports.
Platinum Times reported the he Central Bank of Nigeria (CBN) announced last year that it had completed the sale of the bank to Strategic Capital Investment Limited (SCIL), the new owner and main investor.
Bank disputes claims that a sale was hindered.
According to the report, SCIL paid N50 billion up front to acquire all of the bank’s equity.
The corporation also consented to the agreement’s terms, which included the full return of N1.305 trillion, which represented the consideration for the bonds pumped into the bank.
According to TheCable, a report by Premium Times on Thursday, June 1, 2023, accused the bank of violating the Corporate and Allied Matters Act (CAMA) of 2020 by failing to fully disclose the bank’s 45% ownership in its documentation to the Corporate Affairs Commission (CAC).
Company’s email reveals the bank’s actual owners.
According to the study, layers of offshore organizations control the 45% share on behalf of banker Albert Chukwuemeka Emuwa and venture capitalists Michel Danladi Verheijen and Ehimari.
According to TheCable, the bank asked its employees in an email issued by its managing director to concentrate their efforts on creating an enduring brand now that the selling process was over.
The CEO of the bank alluded to the joint announcement from the CBN and Asset Management Corporation of Nigeria (AMCON) dated October 20, 2022, which announced the sale of 100% of Polaris Bank’s stock to SCIL.
The CEO is also said to have made reference to a different statement made by CBN on January 4, 2023, which sufficiently described how the sale was carried out.
The CEO statement reads:
“These publications are still in the public domain and continue to be reference points where further inquiries are needed,” Sonola said.
“Contrary to claims… the divestment from Polaris Bank was supervised by a Divestment Committee (the Committee) comprising senior representatives of AMCON and CBN and supported by reputable legal and financial advisers.
In addition, the divestment mode, process, and decision received requisite board and regulatory approvals.
“We reiterate that the divestment from Polaris Bank was in compliance with a well-defined and appropriately implemented institutional framework as required by the necessary regulatory provisions guiding such divestments.
“In addition, the process was coordinated using known reputable legal and financial advisers in Nigeria and approved by the respective leaderships/boards of the two institutions.
“Please be assured that our bank has since progressed beyond the sale process, as the relevant facts surrounding the acquisition and the transparency that preceded the sale have always been in the public domain.
“We encourage you to remain undistracted by the story and focus your energies as you have done in recent months on building an enduring brand anchored on excellent service and exceptional customer experience.”