Polaris Bank – Tech | Business | Economy

RANKED 2026: African Media Must Move Beyond Traffic as Trust, Communities and Creators Redefine Digital Attention

Joan Aimuengheuwa — Fri, 24 Apr 2026 05:00:36 +0000

The digital media sector in Africa can no longer rely on clicks and page views alone, speakers at the launch of RANKED Report 2026 said on Thursday, warning that trust, direct audience relationships and niche influence are now more important than raw traffic.

The report, produced by SquirrelPR, examined how digital news media is performing across 13 African countries, providing insight into audience growth, influence and changing consumption habits.

A panel session titled Winning the Digital Attention War brought experts from media, banking and communications who agreed that the old model of chasing website traffic is under pressure from social media, creators and artificial intelligence.

The session, moderated by Ifeanyi Abraham, PR director, CIG Motors, comprised panellists including Múyiwa Mátuluko, chief executive officer, Techpoint Africa; Rasheed Bolarinwa, head of Brand Marketing and Communications, Polaris Bank; Damilola Bright-Ukwenga, PR and communications professional; and Olufemi Ajasa, online editor, Vanguard Newspaper.

Traffic no longer enough

Mátuluko said media companies should stop trying to be everything to everyone and instead build focused platforms for specific industries.

He said Techpoint is expanding into specialist brands such as finance, energy and agriculture, targeting engaged professional audiences rather than chasing mass numbers.

“We’re taking conversation away from traffic,” he said.

He added that advertisers now care more about credibility and access to the right audience than vanity metrics.

For him, a smaller but trusted niche audience can be more valuable than millions of casual visits.

Brands want conversion, not impressions

Bolarinwa said marketing budgets are now under greater review, with senior executives demanding measurable returns.

He said old benchmarks such as impressions and follower counts are losing importance.

“Nobody’s going to talk about that anymore, conversion, trust and influence.”

He added that brands are already shifting spending toward niche publishers, creators and platforms with stronger communities.

Using Polaris Bank’s digital product launches as an example, he said specialist tech media played a major role in reaching the right market.

Legacy media says journalism still wins

Ajasa defended established publishers, saying strong reporting, community presence and credibility are their biggest strengths.

He said Vanguard still invests in reporters across Nigeria and focuses on solving real audience problems through practical journalism.

He mentioned projects such as flood coverage and cost-of-living reports.

“What we do is journalism, and the fabric of journalism has not changed.”

Ajasa also pushed back against claims that legacy outlets depend on sensational headlines, saying digital operations now combine speed with verification.

“We have built a work system that solves the problem of speed and accuracy, without compromising quality.”

PR industry turns to creators

Bright-Ukwenga said brands now use creators and smaller influencers from the planning stage of campaigns, not as an afterthought.

She said many creators hold stronger trust with followers than larger celebrity influencers.

“The earlier brands begin to look in their direction, the better for that brand, because you would always be in conversations.”

She added that some brands now maintain private circles of trusted creators who can amplify campaigns in a more natural way.

AI changing search, teams and workflows

Artificial intelligence was one of the biggest themes of the session.

Mátuluko said publishers should not panic but adapt quickly.

“AI is not going to replace you. No, it’s basically the person using AI that will replace you.”

He revealed that Techpoint already uses an AI-powered reporter for routine updates, with human editors reviewing output before publication.

Ajasa said AI is also hurting referral traffic from search engines, forcing publishers to build direct audience relationships through newsletters, podcasts and first-party data.

“The search traffic is going down.”

Bolarinwa said AI can improve speed and automate tasks, but originality still matters.

“You can’t compare what I write to what AI will write.”

Warning against dependence on Big Tech

Several speakers warned African media businesses against over-reliance on platforms such as Google, X and TikTok.

Mátuluko said publishers must own direct relationships with audiences through email lists, events, reports, courses and communities.

“We have WhatsApp, we have a newsletter, we have podcasts, but I still want my own audience.”

Bolarinwa added that African companies should begin building stronger home-grown digital platforms.

What RANKED 2027 should track

Panel members at the launch of RANKED 2026 report urged the team to expand future editions to include the creator economy, partnership revenue, events, trust signals and verified analytics.

They also called for stronger measurement of global versus local audiences, warning that percentages alone can distort the scale of a publisher’s reach.

UPDATED: New CBN Capital Requirements Put 10 Nigerian Banks Under Pressure

Peter Oluka — Wed, 07 Jan 2026 07:18:38 +0000

With less than 90 days to the recapitalisation deadline for banks in the country, 10 banks are under pressure to meet the new capital requirements ahead of the March 31, 2026 deadline given by the Central Bank of Nigeria (CBN),

Left in the race with the option of either meeting up, merging or closing shop are Keystone Bank, Parallex Bank, Polaris Bank, Signature Bank, TAJBank and Citibank Nigeria.

Others are FBN Quest Merchant Bank, Coronation Merchant Bank and Rand Merchant Bank.

Meanwhile, First Bank Nigeria, Fidelity Bank and FSDH Merchant Bank have joined the league of recapitalised banks.

This is as analysts say they expect more banks to conclude their recapitalisation plans between next week and the end of this month.

Earlier report shows that 17 banks met the new capital requirements for their respective licence categories last year.

These included Access Holdings, Zenith Bank, GTBank, Ecobank, Stanbic IBTC, Wema Bank, Jaiz Bank, Lotus Bank, Providus Bank, Greenwich Merchant Bank and PremiumTrust Bank, alongside Globus Bank, Citibank Nigeria, United Bank for Africa, Nova Bank, Sterling Bank and Standard Chartered Bank Nigeria.

More recently, First Bank, Fidelity Bank and FSDH Merchant Bank also joined the list.

Fidelity Bank Plc has raised approximately N250 billion through a private placement. This offer opened and closed on December 31, 2025, driven by substantial investor demand fuelled by the bank’s impressive financial performance and solid track record.

A source close to the lender stated that this swift completion is a notable achievement for Nigeria’s stock market.

NGX regulations typically allow up to 10 days for such private placements.

Fidelity Bank aims to meet the Central Bank of Nigeria’s N500 billion minimum capital requirement for banks with international authorisation by the March 31, 2026 deadline.

Reportedly, participation was limited to a small circle of pre-qualified institutional investors, many with global investment footprints.

Market intelligence estimates the proceeds at roughly N250 billion, comfortably exceeding the bank’s estimated capital gap of N194.5 billion.

This fully subscribed offer places Fidelity Bank among the more strongly capitalised Nigerian banks with international operations.

While the CBN is yet to ratify the new capital base of some of these banks, they seem to have scaled the hurdle, with some others set to scale it soon.

A player in the industry who craved anonymity noted that many of the banks yet to clear the hurdle are expected to do so before the end of the month, with announcements expected from next week.

CBN Governor Olayemi Cardoso had late last year confirmed the progress of banks in their race to meet the deadline.

Cardoso had stated that “several banks have already met the new capital thresholds, while others are advancing steadily and are well positioned to comfortably meet the March 31, 2026 deadline.”

He disclosed that 27 banks had accessed the capital market through public offers and rights issues, with 16 already meeting or exceeding the new benchmarks, adding that beyond headline figures, stress tests conducted in 2025 showed that the banking system remained fundamentally robust, with key financial soundness indicators meeting prudential standards across the board.

Despite the progress, several lenders are still fine-tuning their capital plans.

The First City Monument Bank (FCMB) Group is among those in advanced stages of capital raising and regulatory verification.

Shareholders of FCMB Group Plc at an Extraordinary General Meeting (EGM) recently approved an increase in capital raise of up to N400 billion to enable it to retain its international banking licence ahead of the March 2026 deadline.

Group chief executive officer of the bank, Ladi Balogun, noted that “the additional capital will be deployed to strengthen our capital adequacy ratio and accelerate growth.”

Analysts say mergers and acquisitions remain limited for now, but ownership changes are becoming increasingly likely as banks court new investors.

Head of Financial Institutions Ratings at Agusto and Co, Ayokunle Olubunmi, said only a few institutions remain under real pressure.

“Nothing dramatic has happened yet on the mergers front, but by January or February, we could see clearer outcomes. Capital raising through private placements and rights issues will inevitably lead to dilution for shareholders who do not participate,” he said.

The race for capital has also triggered a wave of strategic realignments.

Nova Bank opted to downgrade its licence to a regional banking status, significantly lowering its requirement to N50 billion to beat the deadline.

Meanwhile, consolidation is picking up steam; Union Bank has merged with Titan Trust Bank, and Providus Bank is set to merge with Unity Bank, a move that would create Nigeria’s ninth-largest lender by assets.

Woodhall Finance House Launches the Creative Currency Podcast with ₦1.5 Billion Sector Fund

Peter Oluka — Fri, 11 Jul 2025 14:18:13 +0000

In the lush garden of the British Deputy High Commissioner’s residence in Lagos, the air was alive with more than just conversation, t pulsed with possibility. Creatives, policymakers, investors, and innovators gathered not just for another launch, but for the birth of a movement.

That movement is The Creative Currency Podcast, a bold new platform co-created by Woodhall Finance House, in partnership with the UK Government’s Department for Business and Trade, Polaris Bank, and the Lagos State Government.

More than just a podcast, it’s a media-meets-money initiative designed to serve as a catalyst for economic growth in Nigeria’s flourishing creative sector.

Where Culture Meets Capital

For too long, Nigeria’s creative economy, rich in talent and global influence, has faced a paradox: international admiration without adequate domestic investment. The Creative Currency Podcast seeks to change that narrative by weaving together policy, finance, and storytelling in a way that attracts both global attention and local investment.

Hosted at a landmark event by Mr. Jonny Baxter, the British Deputy High Commissioner to Nigeria, the initiative gathered key players across sectors, high-net-worth individuals, DFIs, venture firms, cultural icons, and government leaders, to declare a new era of creative diplomacy and financial innovation.

“This is about more than promotion,” Baxter noted. “It’s about real investment, real partnerships, and real opportunities. Through initiatives like this, and the UK-Nigeria Enhanced Trade and Investment Partnership, we are helping the creative sector become a key driver of economic transformation.”

Lagos: The Beating Heart of African Creativity

Representing Governor Babajide Sanwo-Olu, Mrs. Folashade Bada Ambrose, commissioner for Commerce, Cooperatives, Trade, and Investment, reaffirmed Lagos’s status as the creative capital of Africa. She highlighted the city’s role as a launchpad for talent, technology, and trade across the continent, emphasizing the state’s continued commitment to enabling the creative economy.

Financing the Future: ₦1.5 Billion for Creative Entrepreneurs

The event’s momentum peaked with a powerful announcement by Woodhall Finance House: the launch of a ₦1.5 billion Creative Sector Fund. Aimed at export-ready enterprises and growth-focused SMEs in fashion, film, music, digital arts, and beauty, the fund signals a shift from applause to action.

“Creativity is not abstract—it’s a bankable commodity,” declared Mrs. Mojisola Hunponu-Wusu, Founder and President of Woodhall Capital. “We must finance our own narratives. This fund is our commitment to scale creative businesses, back bold ideas, and turn culture into capital.”

A panel discussion featuring Abimbola Ozomah (Polaris Bank), Sola Carrena (Helios Investment Partners), and Hunponu-Wusu spotlighted blended finance, creative bonds, and factoring as tools to unlock the untapped financial potential of Nigeria’s creative industries.

Cross-Cultural Sparks: The Fireside Chat

The evening transitioned into a vibrant fireside chat on UK-Nigeria cultural synergies. Moderated with warmth and wit, it featured Veekee James Atere, Shaffy Bello, and Mark Smithson of the UK’s Department for Business and Trade.

The conversation explored how collaboration across borders can drive innovation, empower storytellers, and reshape how Africa shows up on the global stage.

Jollof & Tea: A Fusion of Identity and Intention

As the sun set, so did formalities, giving way to a cultural fusion experience under the UK’s Jollof and Tea campaign.

Over traditional Nigerian flavors and British tea pairings, guests bonded over shared dreams and disruptive ideas. It was more than a dinner, it was diplomacy with a dash of spice.

The Creative Currency Podcast: More Than a Show

As Africa’s creative industries continue to attract global demand, The Creative Currency Podcast is stepping in as a transaction hub, a storytelling platform, and a tool for structural reform. Positioned at the intersection of finance, policy, and pop culture, it’s a bold reimagining of what media can do, transforming visibility into viability and culture into commerce.

Polaris Bank Trains more than 5000 Journalists Pan-Nigeria in 10 years

Staff Writer — Wed, 06 Nov 2024 18:46:14 +0000

Polaris Bank Limited, Nigeria’s leading digital retail commercial bank, has empowered more than 5,000 journalists across the country through its yearly media capacity building workshops in the last 10 years.

The 2024 edition of the media workshop, which held on Thursday in a hybrid format, focused on “Integrating AI Tools in Contemporary Media Practices for Innovation and Excellence.”

Speaking at the event, Rasheed Bolarinwa, Head of Brand Management and Corporate Communications at Polaris Bank, noted that the bank will continue to provide its unwavering support for the journalists and the media as a vital pillar of society.

“We believe that journalists and the media plays crucial role in shaping public discourse and fostering informed citizenship,” Mr. Bolarinwa said. “Our commitment to training journalists across the media spectrum, is rooted in our belief that they (journalists) deserve the best possible support to excel in their profession.”

He said the bank started the media training partnering journalism clinic and holding workshops in various cities across the country.

The media clinic which focused on divination of the media, was facilitated by Mr. Taiwo Obe, a veteran journalist.

Bolarinwa disclosed that more than 500 journalists registered for the 2024 edition and expressed the hope that the bank will continue to do more to support journalists and the media by bringing the best faculty to facilitate contemporary issues at its subsequent media workshops.

The programme featured a diverse range of topics, including; creativity, AI tools, and critical thinking. Dr. Chike Mgbeadichie, a Senior Lecturer at the Pan African University, provided insights into the application of AI tools in media practices while Mr. Lekan Otufodunrin, Executive Director of the Media Career Development Network, discussed contemporary media trends such as multimedia journalism, fact-checking and data journalism.

Dr. Mgbeadichie noted that at the end of the seminar, participants will be able to reflect deeply on thinking, actions and processes needed to generate ideas, possibilities and actions.

He added that journalists should be able to figure out how to analyze, synthesize and evaluate information; know the different AI tools available in the media space as well as understand the benefits of AI tools in contemporary media practices, among others.

Mr. Otufodunrin explained that journalists should be adept at the use of solutions journalism to enhance their investigative capabilities, using new tools such as OSINT, Geo journalism, data analysis, digital forensics, website blogs, social media, newsletters, podcasts e-publishing and social media engagements, among others.

Participants from across Nigeria, both online and in person, expressed their gratitude for the opportunity to enhance their skills.

Polaris Bank Emerges Best in Digital Banking

Adetunji Tobi — Mon, 28 Oct 2024 12:52:53 +0000

Polaris Bank has once again emerged as the leading digital retail commercial bank in Nigeria, winning the coveted awards for “Digital Bank of the Year” and “Best Bank for MSMEs of the Year” at the Banks and Other Financial Institutions Awards (BAFI Awards).

According to records, this marks the fourth consecutive year that Polaris Bank’s digital banking platform, VULTe, has been adjudged the best, and the third consecutive year as the best bank for MSMEs.

The BAFI Awards Selection and Review Committee recognized Polaris Bank’s outstanding performance in key metrics, including strength of strategy, accelerated user engagement, and platform functionality and security.

While commenting on the award, Mr. Kayode Lawal, the Managing Director/CEO of Polaris Bank, said, “The continuing recognition of VULTe as best digital bank emphasizes the user-friendly and multi-functional strengths of the digital platform.

We understand clearly that this consecutive vote of confidence on our capability is a responsibility, and we are doing everything to remain on the cutting-edge of technology and services.”

Lawal highlighted the bank’s strategic initiatives, which have resulted in significant market gain in digital transactions and lending, with digital lending totaling over N10 billion in the first eight months of the year.

“We are honored to receive this prestigious award, recognizing our commitment to the digital banking ecosystem.

We are sure ongoing strategic initiatives will not only sustain our leadership in digital banking and supports for real sector, but also deliver sustainable growth that will firmly entrench our digital leadership across the financial services industry,” Lawal added.

Database Optimisation, A Continuous Process Not An Event

Techeconomy — Thu, 18 Jan 2024 13:08:04 +0000

Writer: OLUTAYO AWODELE, senior database consultant, Polaris Bank Limited:

Databases are a critical component of applications that power small and large businesses.

The information stored in the databases gets frequently retrieved or accessed by applications to meet the demands of the users, who will rely on the output as input into other processes.

It is vital to ensure fast access to retrieve records stored in the database within a reasonable threshold.

To ensure that information is readily available when needed, some tasks can be carried out once in the lifetime of an application, and there will be no issues, whereas others must be done regularly for the life span of the application.

One critical activity that falls under a continuous task is database optimisation, and attempting to wrongfully categorise this will lead to disaster in the performance of the application or the database itself.

In this article, I will focus on what optimisation is, optimisation approaches, benefits, and challenges of optimisation.

The techniques and examples I will share are all based on some interventions in resolving database performance degradations in my database administration journey.

What is Database Optimisation?

Database optimisation is analysing various database components, including SQL queries and tuning them to improve database performance.

It is an iterative process to maximise the speed and efficiency of data retrieval. It requires collaboration among all the stakeholders (application developers, database engineers, network engineers, and system engineers) to implement the required adjustments that will result in the improved performance of the database.

Most of the database and application setups work efficiently at the initial stage, but as the data grows, the performance may become degraded.

The degradation may be in the form of queries running slower, CPU usage spikes, or slow I/O responses.

These bottlenecks are signs that regular review and analysis of the database are essential to identify and fix deviations.

Database Optimisation Approaches

Several techniques can be adopted in optimising databases for better performance; some of these are as follows:

1. Make use of indexes

Indexes help to improve the performance of queries running on the database by reducing the number of scan, sort, or join operations.

It is essential to identify columns used to limit record retrieval in a query and create indexes on such columns to speed up the query execution.

For instance, whenever queries run slowly, you can check the columns specified in the WHERE clause, confirm if they are indexed and if not, create appropriate indexes on them.

It is crucial to note that while indexes will make read operations faster, they can slow down write operations because indexes will be updated whenever changes are made to the tables.

2. Data retrieval

In most cases, the scripts that result in database performance degradation were found to be retrieving more records than needed.

For example, selecting all the columns in a table when you only need a few columns to meet the requirements of the application module.

Reducing the amount of record retrieval per time will reduce the pressure on the CPU and other hardware resources.

3. Batch DML (Data Manipulation) operations

Data manipulation languages include insert, delete, and update; these languages make changes to the records stored in the database, and they must be carefully used to improve database performance. Making changes, such as deleting or updating a large chunk of data at a time, can take longer to complete, leading to waits by other processes due to the lock mechanism placed on the table to ensure data consistency.

The waits for other processes while making changes to records in a table can be reduced by batching the DML operations instead of carrying them out as a single transaction. Batching long-running activities will save time during rollbacks in the event of disruptions when the query is executing.

4. Database statistics

The optimiser makes use of the statistics on the table to determine the choice of execution plan to use for queries. If the statistics on the tables are stale, the optimiser may not choose the best

execution plan that will return faster. Not using the best execution plan will not only affect the speed of query execution but will also place much pressure on the hardware resources (CPU, memory, and I/O) of the system. It is a good practice to periodically update statistics on the database objects to ensure the statistics are not at variance with the actual records in the database.

5. Index fragmentation

Changes to the database, such as deletion, update, and insertion of records, lead to fragmentation of the indexes, which can lead to poor database performance.

The best practice is to periodically check the index fragmentation percentage in the database and implement maintenance processes such as index rebuild or reorganisation to remove the fragmentation.

6. Query Optimisation

It involves reviewing and analysing queries running on the database for possible improvements.

EXPLAIN PLAN can be used to understand the query execution plan and where most of the cost lies. Once the highest cost is identified, some adjustments can be implemented, such as re-arrangements of the columns used in the where clause and a review of the use of functions to eliminate bottlenecks.

7. Proper Sizing of Hardware resources

As the data stored in the database grows, there may be a need to increase the resource allocation to meet the increasing demands.

However, increasing the resource allocation every time may not be the solution; rather, it will be necessary to review other parameters to make the right decisions.

In some cases, if the statistics on the tables are not correct, the optimiser can choose an execution plan that seems appropriate based on the available statistics, which may end up causing a CPU spike.

It is pertinent always to check that the queries running on the databases are reviewed and tuned to ensure that hardware resources are only increased or decreased based on proven facts.

8. Connection Pooling

It reduces the cost of opening and closing connections by maintaining a pool of open connections that can be passed from one database operation to another.

It helps manage and reuse database connections efficiently. The impact of connection pooling may be less evident in small applications than in large ones, and implementing this should be carefully considered.

9. Partitioning

It involves dividing large tables into smaller and more manageable pieces. Query performance can be enhanced by allowing the database engine to work on a smaller subset of data, resulting in faster query execution. If partitioning is properly implemented, it eliminates the need to scan the entire dataset but only the partition of the dataset specified in the query.

10. Data Archiving

This is the process of detecting obsolete data that is no longer required in real time for the program to function properly.

Such records can be archived or deleted to reduce the number of records accessed, improving query performance and lowering storage requirements. For example, tables with huge historical datasets or logs should be archived.

Benefits of Database Optimisation

Database optimisation offers several benefits to organisations as follows:

Cost saving: Optimised databases will require fewer resources, reducing the cost of hardware resources.
Improved user experience: Faster data access/retrieval enhances user satisfaction.
Increased query efficiency: Complex queries can execute faster without experiencing delays.
Scalability: Optimised databases can handle more concurrent requests and large volumes of data.

Challenges of Database Optimisation

It is time-consuming: optimising databases requires much time and expertise to identify bottlenecks and proffer solutions.
Complexity: Making multiple adjustments to configurations can create complications in the maintenance of the database system.

Conclusion

Database optimisation is not a one-time event but a continuous activity that must be carried out throughout the lifespan of the database.

It involves many considerations to decide which part of the database to tweak, leading to performance improvement or degradation.

Setting and having a performance baseline helps to spot any deviation in the performance of the database quickly.

PROFILE – Meet Lawal Mudathir Omokayode Akintola, new CEO of Polaris Bank

Techeconomy — Fri, 12 Jan 2024 08:09:24 +0000

Lawal Mudathir Omokayode Akintola, has been appointed the new managing director and chief executive officer of Polaris Bank.

The Central Bank of Nigeria (CBN) had dissolved the Board and Management of Polaris Bank on Wednesday.

In a statement by Mrs Sidi Ali, Hakama, the acting director of Corporate Communication of CBN, on the Bank’s verified X handle @cenbank directed Mr. Lawal Mudathir Omokayode Akintola, the newly appointed MD/CEO of Polaris Bank to assume his role with immediate effect.

SO, who is Lawal Mudathir Omokayode Akintola?

Lawal Mudathir Omokayode Akintola has a strong educational background that has equipped him with the knowledge and skills to excel in the banking industry. Here are some of his educational qualifications:

He has a Bachelor of Science degree in Accounting from the University of Lagos.

He has a Master of Business Administration degree from the Netherlands Business School.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), a member of the Chartered Institute of Taxation of Nigeria (CITN) and the Chartered Institute of Bankers of Nigeria (CIBN).

He is an Alumnus of the Lagos Business School, the Columbia University Graduate School of Business and the University of Oxford.

Career

Lawal Mudathir Omokayode Akintola has a long and successful career in the banking industry, spanning over 25 years.

He has worked in various capacities and sectors, such as corporate and investment banking, treasury, risk management, and business development.

He has also led and executed many strategic projects, initiatives, and transactions that have added value to the organizations he worked for and the customers he served. Here is a summary of his career path:

He started his career in 1998 as a Senior Manager at Prime Merchant Bank, where he was responsible for managing the bank’s treasury operations and foreign exchange dealings.

In 2000, he joined Ecobank Nigeria as a Group Head of Corporate Banking, where he oversaw the bank’s portfolio of corporate clients in various sectors, such as oil and gas, telecommunications, manufacturing, and infrastructure.

In 2003, he moved to Standard Chartered Bank Nigeria as a Regional Executive of Corporate and Institutional Banking, where he led the bank’s business development and relationship management activities in the South-West region of Nigeria.

In 2006, he was appointed as the Executive Director of Corporate and Investment Banking at Sterling Bank Plc, where he was in charge of the bank’s strategic business units, such as corporate banking, institutional banking, project finance, structured finance, and trade finance.

In 2018, he left Sterling Bank to set up Intermediate Equity Partners Limited, a Lagos-based firm that provides advisory and consultancy services to corporate and institutional clients in various sectors and markets.

In 2020, he became the Managing Director/Chief Executive Officer of Fractional Investment Services Limited, a real estate company that offers innovative and affordable housing solutions to Nigerians.

In 2024, he was appointed by the Central Bank of Nigeria (CBN) as the Chief Executive Officer of Polaris Bank, one of the largest commercial banks in Nigeria, with over 300 branches and millions of customers.

He led the successful acquisition and integration of Equitorial Trust Bank by Sterling Bank in 2011, which increased the bank’s assets, branches, and customer base.

He initiated and executed several landmark transactions in the corporate and investment banking space, such as the $1.2 billion MTN Nigeria syndicated loan, the $1 billion Dangote Cement bond issuance, and the $300 million Lafarge Africa rights issue.

He was instrumental in developing and implementing the Sterling Bank’s corporate transformation strategy, which improved the bank’s performance, profitability, and reputation.

He received several awards and recognition for his leadership and excellence, such as the Banker of the Year Award by the Nigerian Leadership Awards, the Most Outstanding Banker of the Year Award by the Nigerian Bankers’ Merit Awards, and the Most Influential Banker of the Year Award by the Nigerian Banking and Finance Awards.

CBN Defends Sale of Polaris Bank to SCIL, Says Claims of a ‘Higher Bidder’ Misleading

Techeconomy — Wed, 04 Jan 2023 18:47:12 +0000

The Central Bank of Nigeria (CBN) has described as spurious, malicious, and misleading being online publication, which ‘made several false claims’ concerning the recent sale of the Federal Government’s interest in Polaris Bank Ltd.

Mr. Osita Nwanisobi, Director, Corporate Communications at the CBN in a statement made available to TechEconomy, said that given the potentially grave implications for the stability of the bank, financial sector and the Nigerian economy, the CBN was constrained to correct these inaccuracies.

Setting the records straight, he said:

“For the records, the public is referred to the statement dated October 20, 2022 by CBN & AMCON announcing the sale of 100% equity in Polaris Bank PLC to a new core investor, Strategic Capital Investment Limited (SCIL), wherein it provided copious details of the process by which the sale was conducted.

“Contrary to claims in the aforementioned online publication, the divestment from Polaris Bank was supervised by a Divestment Committee (Committee) comprising senior representatives of AMCON & CBN and supported by reputable legal and financial advisers. In addition, the divestment mode, process and decision received requisite board and regulatory approvals.

“At no time did any other party make a higher purchase offer as falsely claimed by the online publication”.

The apex bank’s spokesman said that the entity in question, Fairview Acquisition Partners, had indicated an interest in acquiring two banks, including Polaris Bank, for a total sum of N1.2 trillion, an indicative offer which significantly discounted the existing N1.305 trillion debt owed by Polaris Bank to AMCON and so represented a material loss to the Federal Government.

“Notwithstanding, along with twenty-four (24) other parties, Fairview Acquisition Partners was invited by the financial advisors to participate in the sale process via the execution of a Non-Disclosure Agreement (NDA), the first stage of the process. The financial advisors informed the Committee that Fairview Acquisition Partners neither executed nor returned the NDA despite verbally confirming receipt of the agreement and after follow-up from the financial advisors.

“Therefore, Fairview Acquisition Partners did not take the opportunity to update their offer by participating in the divestment process and thus did not make a binding purchase offer for Polaris Bank.

“The divestment was executed based on the relevant laws, global best practices for bank resolutions, and requisite regulatory approvals. The Committee, along with its legal and financial advisers, conducted a rigorous technical and financial evaluation of the purchase proposals, assessing promoters’ fitness and propriety, offer price received vs. reserve price, funding structure and financial capacity, strategy and growth plans, amongst others.

“Following evaluation, the promoters of the strategic purpose vehicle, SCIL, emerged as the preferred purchaser, having presented the most comprehensive technical/financial purchase proposal and the highest-rated growth plans for Polaris Bank. In addition to passing all fitness and propriety tests, the promoters also made the highest financial offer for the bank, which was significantly above its core valuation and reserve price.

“SCIL’s binding offer involved an immediate upfront consideration of N50 billion and full responsibility for the debt of N1.305 trillion owed to AMCON, essentially a total purchase consideration of N1.355 trillion. This offer was the most competitive and provided taxpayers and the Federal Government with more than full recovery of its intervention cost. By the sale, the CBN and Federal Government achieved a successful, value-driven resolution of a strategic financial institution.

“This curiously-timed online publication deliberately misrepresents the circumstances surrounding the sale of a strategic asset of the Federal Government. Its misleading statements are obviously intended to undermine the credibility of the divestment process. It also portends negatively on the stability of Polaris Bank and risks derailing the progress made by the monetary authorities.

“We reiterate that the divestment from Polaris Bank was an institutional decision supervised by a Committee comprising senior representatives of AMCON & CBN, coordinated through reputable legal and financial advisers and approved by the respective leadership and boards of the two institutions”.

He said that the CBN remains resolute in pursuing its mandate to promote a safe and sound financial system in Nigeria.

“This is for the records and attention of the general public”, the statement reads.

Golfers Celebrate former Polaris Bank CEO, Innocent Ike

Techeconomy — Mon, 26 Dec 2022 08:04:50 +0000

Mr Innocent Ike, the Former Managing Director/CEO of Polaris Bank, has been honoured for his contribution towards developing the game of Golf in Nigeria.

Mr Ike was recently honoured by the Nigerian golfing community in a two-day invitational kitty tagged Innocent C. Ike Classic, held at Lakowe Lakes Golf Resort Lagos, Nigeria.

The day-one of the tournament had lady Golfers lock horns, while day two featured the Male golfers squaring off for coveted prizes across several categories.

The 18-hole classic drew over 150 amateurs and professional golfers and was an unprecedented carnival of fun, reunion and energy.

The high point of the event was the presentation of prizes to winners in various categories. Mohammed Suleiman emerged as the overall winner in the Male Category, while Tim Ayomike was the 2nd runner-up. Sadiq Edu won the longest-drive trophy in the Men’s category.

Polaris Bank Golfer and Staff Ambassador Maryanne Udoka emerged winner of the Handicap (19-36) lady’s category returning a Net score of 68, while Candy Agu won the (0-18) handicap category. Mrs Sila Ojo emerged as the longest-drive winner in the Ladies’ category.

The event was laced with goodwill and commendation messages by Nigerians from all walks of life.

Expressing delight on the contributions of Mr. Ike, the Director-General of the National Council for Arts and Culture (NCAC) and President of the Nigerian Golf Federation, (NGF) Otunba Olusegun Runsewe, commended him for setting a standard for corporate Nigeria to emulate.

In his words, “I feel proud to be associated with the achievements of Mr. Innocent Ike. The Golfing community has immensely benefited from his support in promoting the game, and the values Golf represents. Through his support to the Golf community, Polaris Bank has been widely decorated as “Nigeria’s Most Golf Friendly Bank.”

Speaking at the event, Dr M. I. Okoro, the immediate past Captain of the Golf Section of Ikoyi Club 1938, applauded Mr Ike for supporting many Golf clubs, including Ikoyi Club 1938 Golf section, IBB Golf Club, Ikeja Golf & Country Club and a host of others in Nigeria. An elated Dr Okoro noted, “It is no wonder why representatives from various clubs have come together on a day like this to say thank you,”.

The Chairman of Ikoyi Club 1938, Mr Ademola Mumuney, appreciated Mr Innocent Ike for his strides in taking the Polaris brand to the nooks and crannies of the Nation through a strategic partnership with Golf Clubs in Nigeria. He affirmed, “Polaris Bank sponsored the Ikoyi Club 1938 Range fence project to bring safety to the game at the Club. This initiative availed them of a three-year branding right to the project. His partnership with golf stakeholders endeared him to the game, and he is now an enviable golfer.

On her part, Mrs. Ekanem Ekwueme, the Ladies Golf Association of Nigeria (LGAN) Past President noted, “I would like to appreciate Mr Innocent Ike for his Immense support to the Golf federation; he supported all Golf Clubs in Nigeria through mutually beneficial partnerships. A prime example of this was the recently held Nigerian Golf summit where Polaris endorsed the initiative.”

Engineer Ibrahim Aminu Bagudu, Captain of the Kaduna Golf Club 1921, expressed his delight “Mr. Innocent C. Ike has brought so much joy to Golf in Nigerian. We in Kaduna will never forget your support hosting the First Royal tournament as part of the Kaduna Golf Club’s centennial celebrations.”

One of Nigeria’s most ranked Pro Golfers, Sunday Olapade of Ikoyi Golf Club Nigeria, thanked the former MD/CEO for supporting Professional Golfers in the country.

Olapade expressed gratitude to the former MD for the assistance he provided to his career; to showcase his talent all across Africa.”

In his response, Mr. Innocent C. Ike thanked everyone, especially the committee of friends and organizers who helped put the Kitty together in his honour. He praised the golfers for using the game of Golf to impact people’s lives positively.

“Your actions today truly say a lot about golfers and the golf community; the camaraderie and spirit of working together has continued to engender a positive impact on lives,” Mr Ike said.

As Managing Director and Chief Executive of Polaris Bank, Mr Innocent C. Ike was credited with initiating a post-pandemic partnership initiative which supported many Golf Clubs and associations in Nigeria to execute amateur and professional competitions. This initiative has helped to stimulate greater participation and promote unity and business development amongst golfers across the country.

Other notable golfers at the Kitty were Eze, Dr Patrick II Chinedu Acholonu; Senator Emma Anosike the immediate past captain of IBB Golf Club.

Mohammed Abdullahi, Executive Director Polaris Bank, and Ayotunde Coker, MD of Rack Centre, among others.

Polaris Bank, Mixta Africa, and Rack Centre were among the corporate sponsors for the vibrant event.

Who Are Members of the New Board SCIL Appointed to Reposition Polaris Bank?

Yinka Okeowo — Fri, 21 Oct 2022 16:19:18 +0000

Following the acquisition of 100% of the equity in Polaris Bank, Strategic Capital Investment Limited (‘SCIL’) has appointed a new independent Board of Directors to lead the bank’s growth strategy.

The new Board will be led by the existing Chairman M K Ahmad. He will be joined on the board by 6 non-executive directors and 3 executive directors, bringing extensive experience in the banking and wider financial services sector in Nigeria and internationally, and expertise in corporate governance, human resource management, law and regulation.

The incoming board are:

Alhaji MK Ahmad (Chairman)
Mr Abubakar Danlami Suleiman (Non-Executive Director)
Ms Salma Mohammed (Non-Executive Director)
Mr Adeleke Alex Adedipe (Non-Executive Director)
Mr Ahmed Almustapha (Non-Executive Director)
Mr Francesco Cuzzocrea (Non-Executive Director)
Mrs Olabisi Olubunmi Odunowo (Non-Executive Director)
Mr Adekunle Sonola (Executive – MD/CEO)
Mr Abdullahi S Mohammed (Executive Director)
Mr Segun Opeke (Executive Director)

Meet the new Board (profiles):

Alhaji M K Ahmad OON (Chairman)

With more than 37 years’ experience leading and working across the private and public sectors MK has extensive knowledge of the financial services, telecoms and FMCG sectors. He has been the Chairman of Polaris Bank since 2018, overseeing the stabilisation of the bank and the introduction of best practice corporate governance.

MK currently serves as the Chairman of the Interim Management Board of International Energy Assurance as well as Chairman of the Technical Committee of the National Council on Privatisation.

He is also a Board Director of Flour Mills of Nigeria Plc, MTN Nigeria Communications Plc and FBN Holdco. Prior to this MK served as the pioneer Director General of PENCOM.

Mr Abubakar Danlami Suleiman (Non-Executive)

Mr Suleiman has more than 30 years of experience in the banking sector, having worked at the Central Bank of Nigeria, GT Bank, Continental Trust Bank, UBA Plc, NAL Bank Plc, Intercontinental Bank Plc (Executive Director), Sterling Bank Plc (Executive Director), Standard Chartered Bank (Managing Principal) and most recently as Deputy Managing Director/Acting Group Managing Director of Keystone Bank between 2017 and 2019.

He has vast technical experience in the Financial Service sector, and very strong management and leadership qualities.

He is an alumnus of the Wharton Business School (Pennsylvania, USA) and the INSEAD (France).

Ms Salma Mohammed (Non-Executive)

Ms. Mohammed has over 25 years’ experience as a banker and a Human Resource Management professional having worked in operational and strategic human resource leadership positions across a range of financial institutions. She is Co – Founder/Chief Operating Officer of New Frontier Development Limited, an investment company focused on financial advisory, hospitality, real estate and proprietary investments in start-ups and challenged companies in the SME space.

She was previously the MD/CEO of Centrum Finance Company Limited, a CBN-licensed finance company and brings a strong combination of sector expertise and human capital management experience to the Polaris Bank board.

Mr Adeleke Alex Adedipe (Non-Executive)

Mr Adedipe is the Managing Partner at Duale, Ovia and Alex-Adedipe, where he leads the technology, media and communications practice as well as the M&A and Banking and Finance practice areas. His combination of expertise brings an important perspective to the board as a new strategy focused on innovation is developed and implemented.

Mr Ahmed Almustapha OFR (Non-Executive)

Mr Almustapha is a lawyer and experienced technocrat who served as the Registrar General of the Corporate Affairs Commission (CAC) from 2001 to 2009 during which he is widely acknowledged to have transformed the CAC into a modern IT driven organisation. He has also served on the board of the Federal Inland Revenue Service (FIRS) and is respected as one of Nigeria’s leading authorities on corporate governance.

Mr Francesco Cuzzocrea (Non-Executive)

Mr Cuzzocrea is a banker with more than 35 years experience in the international financial services sector. He has extensive board level , including in Nigeria where he served on the boards of Heritage Bank (until August 2016) and Oando Plc (until February 2016).

Mrs Olabisi Olubunmi Odunowo (Non-Executive Director)

Mrs Odunowo has more than 25 years experience in the Nigerian banking sector having held operations leadership positions across a range of financial institutions including Coronation Merchant Bank, Stanbic IBTC Bank and Guaranty Trust Bank. She currently applies her extensive operational and customer service experience by advising and capacitating small and medium sized businesses across a range of industries.

Mr Adekunle Sonola (Executive – MD/CEO)

Mr Sonola has more than 33 years of experience in the African financial services sector, most recently as Executive Director Commercial Banking at Union Bank Plc, prior to which he was the pioneer Regional Managing Director of Guaranty Trust Bank East Africa and the Director of Investment Banking at Standard Bank in South Africa.

Adekunle has also served on the boards of First Bank of Nigeria Plc where he chaired the Board’s Risk Management Committee, and Airtel Nigeria Plc.

Mr Abdullahi S Mohammed (Executive Director)

Mr Mohammed has worked in the Nigerian Financial Services and public sectors for more than 20 years, having begun his financial services career with Century Merchant Bank and Kakawa Discount House before being appointed as the Commissioner for Works, Housing and Transport in Kano State. He returned to Kakawa Discount House in 2003, before joining First Bank and ultimately moving to his current position at Polaris Bank.

Mr Segun Opeke (Executive Director)

Mr Opeke has more than 26 years of experience in the Nigerian financial services sector with more than 15 years spent in Senior and Executive Management positions. Segun began his career with Chartered Bank before joining FSB Merchant Bank and then Prudent Bank before joining the then Skye Bank in 2006, rising to become Executive Director of the now Polaris Bank, with more than 15 years’ experience in the institution.

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Polaris Bank was established by the Central Bank of Nigeria (CBN) on September 21, 2018 to offer commercial banking services to the Nigerian public.

The bank commenced services on the same day, having purchased the assets and assumed certain liabilities of the defunct Skye Bank.

With a footprint of over 253 branches across the country, Polaris Bank prides itself in delivering exceptional customer experience, leveraging best in class/state of the art Information Communication Technology (ICT).

By focusing on ICT solutions across multiple service delivery channels (mobile banking, ATMs, POS and online platforms) Polaris Bank maintains a pivotal role in the Nigerian banking industry, providing customers with simple, convenient and secured banking services.

Strategic Capital Investment Limited (SCIL)

Strategic Capital Investment Limited (SCIL) is a special purpose vehicle established by Ponglomerape Limited and Clotaire Investment Limited to acquire 100% of Polaris Bank with a focus on institutionalisation and technology driving the growth of the bank into a top ten Nigerian Bank in 5 years.

Ponglomerape is a diversified conglomerate and successful private investment group with investments in the real estate, agriculture, manufacturing and consulting sectors. Clotaire is a private investment vehicle controlled by the founders of a leading West African private investment company with interests in a wide range of sectors.