July 14, 2024

Pathfinder News

redefining news

Polaris Bank Management Debunks Sale Rumour

Polaris Bank has described as fake news the report of its purported sale to an inlaw of Nigeria’s former head of state, Ibrahim Babangida. The management of the bank stated in a statement on Friday, August 5, 2022, that the report was speculative and deliberately meant to cause panic to the depositors of the bank and other stakeholders, asking the public to disregard the report.

According to the statement, the intervention of the Central Bank of Nigeria in the erstwhile Skye Bank and the following funding via the Asset Management Corporation of Nigeria (AMCON) through a process that brought about Polaris Bank in 2018.

The bank said it has since stayed strong and stabilised its operations following the intervention and improved its balance sheet, customer base and profitability. The statement by the lender stated that while it intends to return the bank to private ownership, the move would happen after requisite approvals from all stakeholders. The statement said: “The Bank is committed to ensuring timely communication to the public in such an event.”

“The Board and Management hereby reassure its customers, staff and the general public that Polaris Bank remains a stable, strong and credible financial institution, positioned to deliver sustainable value to all its stakeholders.”

On August 2, 2022, there was panic among customers of the bank when a news website claimed in an exclusive report that the CBN clandestinely sold the bank to an inlaw of IBB, Auwal Lawan Abdullah for about N40 billion.

There was neither a rebuttal from the CBN nor Abdullah about the purported sale. According to the report which has now been termed fake news by the bank, the CBN governor, Godwin Emefiele has gotten presidential approval to kickstart the sale of the bank which will be disclosed to the public any time soon unless there is a back door objections to the contrary.