Investigation - the Real Owners of Nigeria's Polaris Bank Revealed PremiumTimesng: Nigeria
A cast of venture capitalists, a banker, and a real estate entrepreneur are the controllers of Strategic Capital Investment Limited , the consortium to which the Central Bank of Nigeria sold Polaris Bank, PREMIUM TIMES can authoritatively report.
The trio of Michel Danladi Verheijen and Ehimari Idahi, who are venture capitalists, and Albert Chukwuemeka Emuwa, a banker, used layers of offshore entities to hold their 45% shareholding in the bank.'s full beneficial ownership, was missing in the bank's documentation with the Corporate Affairs Commission when PREMIUM TIMES requested the information.
Our investigation spanned Nigeria, Mauritius and Jersey, where we eventually hit a dead end. When approached by our reporters, authorities in that secrecy jurisdiction declined to disclose the ultimate beneficial owners of Zagamon Limited - a shell company through which Messrs Verheijen, Idahi and Emuwa hold their 45% stake in Polaris Bank.
On May 15, in response to our enquiry, the bank surprisingly revealed the identities of all its beneficial owners. However, it wrongly claimed that no provision of CAMA 2020 was breached with the non-availability of the UBO records in the company's file with the CAC.
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