Business
What Ex-Bank CEO Kunle Sonola Is Currently Involved In
“He has always kept a low profile”
Insiders have revealed what former bank Managing Director, Kunle Sonola, is presently engaged in.
Sonola became the Managing Director of Polaris Bank in October 2022, following the sale of the financial institution to Strategic Capital Investment Limited (SCIL), the core investor.
His tenure as the Chief Executive Officer of Polaris Bank, which owned VULTe, one of the most decorated digital bank in Nigeria, ended in January 2024. This came after the dissolution of the board and management of three financial institutions—Union Bank, Polaris Bank, and Keystone Bank—due to concerns surrounding how they were acquired.
According to sources, since his exit, the former Managing Director of Polaris Bank—almost acquired by Google Finance in a move that would have significantly boosted foreign investor confidence in Nigeria’s economy—has continued to focus on his expertise in banking. However, former Central Bank Governor Godwin Emefiele allegedly prevented the acquisition of Polaris Bank by claiming the financial institution was “reserved for certain special interests,” despite the nation’s need for such investment.
“Sonola has always kept a low profile. He has returned to engaging in leadership roles, serving on the boards of top-level companies such as Airtel Africa and others. He has also been a major contributor to the banking and finance sectors and has simply returned to doing that,” sources disclosed.
Before assuming the position of Chief Executive Officer at Polaris Bank, Sonola had amassed 33 years of experience and was known for holding high-profile roles at prominent institutions, including Union Bank and Guaranty Trust Bank.
“He remains a highly sought-after figure in the banking and finance world,” insiders further revealed. While the financial institution he exited, Polaris Bank, continues to grow do better under the new management with Lawal Madathir Omokayode Akintola as Chief Executive Officer and Chris Onyeka Ofikulu, the Executive Director – according to valuations here and there.
