[3][4] In October 2022, the bank was acquired by Strategic Capital Investment Limited.

[16][17] On 20 October 2022, the Central Bank of Nigeria (CBN) and the Asset Management Corporation of Nigeria (AMCON) announced the sale of 100 per cent of the equity in Polaris Bank to Strategic Capital Investment Limited, which paid an upfront consideration of N50billion (approximately US$115 million).

As a result of this transaction, CBN and AMCON recovered all the capital that had been injected into Polaris since 2018.

The chief executive officer and group managing director was Innocent Ike, appointed in September 2020.

[20] Following the acquisition by Strategic Capital in October 2022, Adekunle Sonola became the chief executive officer.

[21] On January 10, 2024, the regulatory Central Bank of Nigeria (CBN) dissolved the board and management of Polaris Bank and appointed Omokayode Lawal as the new chief executive officer.