The owners of the investment vehicle , Strategic Capital Investment Limited (SCIL), used for the acquisition of Polaris Bank Limited are Danladi Verheijen, Co-Founder/CEO of Verod Capital and Auwal Lawal Chairman of Real Estate firm Ponglomerape Group, MoneyCentral can report.
SCIL completed the acquisition of Polaris Bank Limited on an upfront payment of N50 billion to acquire 100 per cent of its equity.
The bank also agreed to repay N1.305 trillion injected into it by the Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON), the CBN said in a statement on Thursday.
Strategic Capital Investment Limited, which was only registered at the Corporate Affairs Commission (CAC) on Apr 22, 2022, is 55% owned by Auwal Lawal through Ponglomerape Limited, while Verheijen owns 45% of the shares of SCIL through Clotaire Investment Limited.
The two of them Verheijen and Auwal Lawal are the only directors of SCIL and own 100% of its total ordinary shares issued and by extension 100% of Polaris Bank. PPIL is amongst Nigeria’s leading real estate developers, having developed approximately 100,000 square meters.
Ponglomerape Properties Investment Limited is dedicated to providing comfortable yet modern state-of-the-art homes for individuals and families.
Ponglomerape Group of which Lawal is Chairman is a master developer with interest spanning across all asset classes- Residential, Commercial and Retail.
Its Ponglomerape Properties Investment Limited based in Abuja has successfully executed a number of projects in both residential and commercial asset classes.
Verheijen is the Co-Founder/CEO of Verod Capital, a leading private equity firm focused on Nigeria.
Before Verod Capital, Danladi was a Vice President at Citibank Nigeria where he led corporate finance transactions and also had responsibility over Citibank’s equity investment portfolio.
Prior to that, he held roles at Ocean and Oil Holdings and at McKinsey & Company.
He has an MBA from Harvard Business School, an M.Sc. in Engineering Economic Systems & Operations Research from Stanford University and a B.Sc. in Electrical Engineering from Calvin College.
He is a Director of GZ Industries, Niyya Food and Drinks, Union Trustees, Rotoprint and Shaldag.
Polaris Bank Limited full-year audited financial results for the year ended December 2020 showed a Profit Before Tax (PBT) of N28.9billion.
The bank recorded Return on Asset (ROA) and Return on Equity (ROE) of 2.4% and 29.4% respectively which favorably place the Bank as a key player in the industry.
The Bank’s Total Assets stood at N1.18 trillion, a 3% growth on the previous year while Shareholders Funds grew by N14 billion (17%), largely attributable to internally generated profits.