What You Need To Know About Polaris Bank’s New Core Investor

Strategic Capital Investment Limited (SCIL), the firm which acquired 100 per cent of equity in Polaris Bank from the Asset Management Corporation of Nigeria (AMCON) was registered six months ago in April 2022.

The Central Bank of Nigeria (CBN) announced recently that the company acquired the bank for N1.35 trillion with N50billion as an upfront payment.

SCIL is owned by Ponglomerape Limited which has on its board Lawan Auwal, Lawan Abdullahi, Lawan Shaibu, and Lawan Jamilu. Lawan Auwal is the son-in-law to the former Nigerian military ruler, General Ibrahim Badamosi Babangida (rtd).

Strategic Capital Investment Limited (SCIL) is a special purpose vehicle established by Ponglomerape Limited and Clotaire Investment Limited.

Ponglomerape is a diversified conglomerate and successful private investment group with investments in the real estate, agriculture, manufacturing and consulting sectors. Clotaire is a private investment vehicle controlled by the founders of a leading West African private investment company with interests in a wide range of sectors.

Auwal Lawan, who leads Ponglomerape Limited is widely recognised as a commercial farmer with interests in real estate, trade, as well as oil and gas. Following the acquisition of Polaris Bank, Strategic Capital Investment Limited (SCIL) has appointed a new independent board of directors to lead the bank’s growth strategy.