Controversy trailing the acquisition of Polaris Bank took a new twist Thursday when a report by Premium Times accused the bank of breaching the Corporate and Allied Matters Act (CAMA) 2020 by not disclosing the details of its 45 percent ownership in its documentation with the Corporate Affairs Commission (CAC).
The report named Michel Danladi Verheijen and Ehimari Idahi, who are venture capitalists, and Albert Chukwuemeka Emuwa, a banker, as holders of the 45 percent stake through “layers of offshore entities”.
