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The headlines have been buzzing with the news of the sale of Polaris bank. Here are ten important facts to note:
1. 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.
2. 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.
3. YES. Shareholders’ funds and customers’ deposits are 100% safe and will remain so.
4. NO. There are no planned staff layoffs.
5. Yes. There is a new board led by M.K Ahmad who is continuing in his role as Chairman Polaris.
6. Yes. There is a new management team led by Adekunle Sonola.
7. 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.
8. NO. This is not a political transaction.
9. Yes, the current focus of the new management is on stability and growth.
10. 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.