Updated: How Nigerian Man Bought Polaris Bank For N1.35 trillion

Nigerian investor, Lawan Auwal Abdullahi, is power behind Strategic Capital Investment Limited (SCIL) that acquired Polaris Bank from government’s debt recovery agency, Asset Management Corporation of Nigeria (AMCON).

Prime Business Africa had reported that Strategic Capital Investment Limited acquired the commercial bank for N1.35 trillion, although the asset transfer was completed without the investor paying an outstanding balance of N1.305 trillion after making an upfront payment of N50 billion. 

The acquisition of Polaris Bank was announced on Thursday by Nigeria’s financial regulator, Central Bank of Nigeria (CBN), with the apex bank stating that the takeover would enable CBN and AMCON recover the amount spent on the firm after it renamed and restructured Skye Bank into Polaris Bank. 

It was gathered that Lawan is the businessman that acquired Polaris Bank. While Strategic Capital Investment Limited was only registered in April 2022, just six months ago.

The investor has two other companies, Ponglomerape Limited and Nice Corporate Services Limited. 

READ ALSO: CBN Loses N1.15 trillion In Strategic Capital’s Acquisition Of Polaris Bank

While little is known about Lawan, the businessman has investments in various sectors of Nigeria’s economy, including real estate, agriculture, trade, as well as the Oil and Gas industry. 

Although Lawan has been in the line of business for over a decade, he only came into spotlight during his wedding to Halima Babangida, the second daughter and last child of former military dictator, General Ibrahim Badamosi Babangida  (IBB) (rtd), in May 2017. 

The wedding grabbed media headlines due to the number of private jets used by businessmen and guests who attended the wedding. It was gathered that about 30 private jets landed in Minna Airport, Niger State for the wedding.

Lawan’s wedding to Halima was done with nine ceremonies within four days in two states, Niger and Gombe. Reports have it that the ceremonies gulped about N300 million, according to Encomium Magazine. 

The businessman, who is a polygamist with three wives, paid N500,000 and bought 10 cows as dowry for Halima.