Meet Lawan Auwal; Farmer, polygamist who acquired Polaris Bank

On Thursday, the Central Bank of Nigeria (CBN) disclosed that Polaris Bank had been sold to Strategic Capital Investment Ltd. (SCIL) after being under government’s control for about five years.

Ripples Nigeria gathered that Polaris Bank was sold for N1.35 trillion to Strategic Capital Investment Limited (SCIL), a company registered on the Corporate Affairs Commission (CAC) on April 28, 2022.

The breakdown of the payment showed that Strategic Capital Investment Limited made an upfront payment of N50 billion, with the Investment company expected to balance up N1.305 trillion for an unspecified timeframe.

The amount Polaris Bank was sold surpassed its last market valuation (when it was known as Skye Bank), which was N10.7 billion, before it was delisted from the Nigerian Stock Exchange (now known as Nigerian Exchange Limited).

Owners of Strategic Capital Investment Limited

Previous reports on the acquisition of Polaris Bank had been linked to Lawan Auwal Abdullahi, and following the sale announcement on Thursday, it was gathered that Lawan Auwal is one of the top directors at Strategic Capital Investment Limited.

The firm is owned by Ponglomerape Limited, which has on its board, Lawan Auwal, Lawan Abdullahi, Lawan Shaibu, and Lawan Jamilu.

Who is Lawan Auwal, new owner of Polaris Bank?

Lawan Auwal is a silent businessman, who has been touted to be a commercial farmer, but a closer view into the services of his companies, Ponglomerape Limited and Nice Corporate Services Limited, showed that he wears various crowns.

While his portfolio in Ponglomerape Limited shows he leads a board of four directors, he serves as Managing Director at Nice Corporate Services Limited.

Aside from his agricultural and trading business, Lawan’s company, Ponglomerape is into the business of civil engineering and real estate development, through a spinoff firms, Ponglomerape Properties Investment Limited and Springe Estate.

Details of Nice Corporate Services expanded the investments of Lawan into the oil and gas industry, as well as general consultancy business.

Ponglomerape Limited was registered with the CAC on September 5, 2002, while Nice Corporate Services Limited was registered on May 13, 2004.

Read also:Polaris Bank: CBN reveals new buyer, Strategic Capital, owes N1.30tn balance

Notable details about new Polaris Bank owner

Recall the talk of town wedding of Halima, the second daughter and last child of former military dictator, General Ibrahim Badamosi Babangida (rtd), in May 2017, that reportedly recorded about 30 private jets in attendance – that was Lawan’s wedding.

Prior to the wedding, little was known about Lawan, aside that he was the Sarkin Sudan of Gombe. The wedding, which was held in two states, Niger and Gombe, with nine ceremonies organised in four consecutive days, reportedly cost about N300 million according to societal lifestyle journal, Ecomium.

It was gathered that Lawan paid N500,000 and provided 10 cows as dowry to marry Halima, who is the child of late Maryam Babangida. Lawan has three wives.

Note that Lawan’s father-in-law ruled Nigeria as a military dictator between August 27, 1985 and August 27, 1993. He famously annulled the June 12, 1993 presidential elections won by Bashorun Moshood Abiola.

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