Michel Danladi Verheijen, Ehimari Idahi, and Albert Chukwuemeka Emuwa have been identified as the consortium behind Strategic Capital Investment Limited (SCIL), which purchased Polaris Bank from the Central Bank of Nigeria and Asset Management Corporation of Nigeria. The new investigation shows that the three owners, consisting of venture capitalists, a banker, and a real estate entrepreneur, used offshore entities to hold their 45% shareholding in the bank. Although the ownership of Ponglomerape Limited (55%) by real estate tycoon Auwal Lawal had already been disclosed, the non-disclosure of the other 45% of Polaris Bank’s ownership is a breach of the Corporate and Allied Matters Act (CAMA) 2020. Through cross-border digging, Premium Times discovered that Zagamon Limited, the shell company owning Clotaire Investment Limited (45%), was incorporated in Jersey, a known offshore secrecy jurisdiction. Questions remain around the failure of the Corporate Affairs Commission, Central Bank of Nigeria, and Asset Management Corporation of Nigeria to enforce the requirements for beneficial ownership disclosure of Polaris Bank with adherence to the CAMA 2020.
