The headlines have been buzzing with the news of the sale of Polaris bank. Here are ten important facts to note:
● Polaris Bank was created as a bridge bank. This means that it was created to manage the assets and liabilities of another bank which failed (in this case, Skye Bank). The regulatory authorities intervened to stabilize the bank with the much-needed liquidity. The bank has since grown and its roots are grounded in the Nigerian financial ecosystem thus now fit for ownership by competent and capable investors.

● The new investor is Strategic Capital Investment Limited. Ponglomerape Limited is a diversified conglomerate with massive investments in the real estate, Agriculture, Manufacturing, and Consulting sectors. The company was established to identify and implement the completion of a strategic investment in the Nigerian financial services sector, as the first step in an investment strategy focused on building a strong and robust growth platform within the Nigerian financial services sector.

● YES. Shareholders’ funds and customers’ deposits are 100% safe and will remain so.

● NO. There are no planned staff layoffs.

● Yes. There is a new board led by M.K Ahmad who is continuing in his role as Chairman Polaris.

● Yes. There is a new management team led by Adekunle Sonola.

● Adekunle Sonola is a proven and experienced veteran of the banking industry, with decades of experience in executive and managerial positions in corporate banking, investment banking, and commercial banking, across several banks and multiple countries. Under his management, the bank is poised to take banking services to the next level, as he brings to bear his wealth of experience in various areas of banking to take Polaris to the next level in delivering banking services to customers and partners.

● NO. This is not a political transaction.

● Yes, the current focus of the new management is on stability and growth.

● Yes. The Central Bank of Nigeria and the Asset Management Corporation of Nigeria have fully passed on all the assets and liabilities of Polaris Bank to SCIL.

If you people are still confused, you should turn the banking buildings to tombo and bushmeat spots, una go sell scatter. Always changing name and always changing owners, one thing is for sure, My money ain't entering there PERIOD!!!!!!

Ook.

This is quite a good read! I, however, have some doubts about it not being a political move. Anyways, if it's for the better, no problem.

G

Lol! This PR management no make sense

Whoever branded bank should be jailed

Polaris.

Watching...

On the other hand, the bank na one of the useless bank for 9ja.

Thanks for the information.

Fantastic news

Noted

Be Obidient

Thanks for the information

So how would I withdraw my remaining balance?

Regardless, I've used my N250 left to recharge my line... I'm at peace now

I hope peoples money are still safe and intact oo

A bank with a CCC- rating as at 2020. I will still carry out their FS analysis soon to know if they have improved for the 2021 FY

I see them implementing Sharia in their new policies

This I have seen

What's now the new name of the bank

SCIL bank?

Now that we've known the facts, next please...

tellsblinks:
So how would I withdraw my remaining balance?

Hope your remaining balance fit flash MTN to MTN line??

My money oh Polaris

Ok

I will remain with my bank.
Any new bank coming is not for me.

What new name will the new owners give it cos they will definitely go for a New name....