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==Governance==
==Governance==
Effective 2016, the [[Chairman of the Board]] is M. K. Ahmad, who chairs the sixteen (16) member [[Board of Directors]]. The current [[Chief Executive Officer]] and [[Managing Director|Group Managing Director]] is Innocent Ike, appointed in September 2020.{{cn|date=October 2022}}
Effective 2016, the [[Chairman of the Board]] is M. K. Ahmad, who chairs the sixteen (16) member [[Board of Directors]]. The [[Chief Executive Officer]] and [[Managing Director|Group Managing Director]] was Innocent Ike, appointed in September 2020.{{cn|date=October 2022}}


Following the acquisition by SCIL, Adekunle Sonola was named the new CEO.<ref>{{Cite web |last=Ugwu |first=Chris |date=2022-10-22 |title=Meet Adekunle Sonola, the new MD/CEO of Polaris Bank Limited |url=https://nairametrics.com/2022/10/22/meet-adekunle-sonola-the-new-md-ceo-of-polaris-bank-limited/ |access-date=2022-11-01 |website=Nairametrics |language=en-US}}</ref>
Following the acquisition by SCIL, Adekunle Sonola was named the new CEO.<ref>{{Cite web |last=Ugwu |first=Chris |date=2022-10-22 |title=Meet Adekunle Sonola, the new MD/CEO of Polaris Bank Limited |url=https://nairametrics.com/2022/10/22/meet-adekunle-sonola-the-new-md-ceo-of-polaris-bank-limited/ |access-date=2022-11-01 |website=Nairametrics |language=en-US}}</ref>

Revision as of 09:51, 14 December 2022

Polaris Bank Limited
Company typeBridge Bank
IndustryFinancial services
GenreBanking
FoundedSeptember 24, 2018; 5 years ago (2018-09-24)[1]
Headquarters3 Akin Adesola Street
Victoria Island, Lagos, Lagos State, Nigeria
Key people
Muhammad K. Ahmad
Chairman
Adetokunbo Mukhail Abiru
Chief Executive Officer[2]
ProductsBanking
Financial services
ParentPolaris Bank Limited Edit this on Wikidata
Websitepolarisbanklimited.com

Polaris Bank Limited is a commercial bank based in Nigeria. It is licensed by the Central Bank of Nigeria, the country's banking regulator.[3][4] In October 2022, the bank was acquired by Strategic Capital Investment Limited (SCIL).[5]

Overview

Polaris Bank is a large financial services provider in West Africa and Central Africa. With headquarters in Nigeria, the bank maintains subsidiaries in Sierra Leone, the Gambia, the Republic of Guinea, Liberia, Angola and Equatorial Guinea. As of September 2010, the bank's total assets were valued in excess of US$3.9 billion (NGN:611.5 billion), with shareholders' equity of approximately US$630 million (NGN:98.4 billion).[6]

History

The bank traces its origins back to 1989 when Prudent Bank Plc., was incorporated as a limited liability company. In 1990, the bank was issued a license as merchant bank. That same year, it re-branded as Prudent Merchant Bank Limited. In 2006, Prudent Merchant Bank Limited merged with four other banks to form Skye Bank Plc.:[7][8]

  • Bond Bank Limited
  • EIB International Bank Plc.
  • Reliance Bank Limited
  • Co-operative Bank Plc.

In January 2011, the bank introduced a Naira-denominated MasterCard debit card, called "MasterCard Verve." The bank also offers Internet banking and mobile banking.[9] In 2014, the bank acquired Mainstreet Bank Limited.[10]

Ownership

On 21 September 2018, Godwin Emefiele, the Governor of the Central Bank of Nigeria announced in Lagos that the apex bank had revoked the operating licence of Skye Bank.[11][12][13] He also stated that the assets and liabilities of the bank would be taken over by a new entity, Polaris Bank[14] due to the inability of the Skye Bank's shareholders to adequately recapitalise the bank after the 2016 intervention.[15]

In August 2022, management of Polaris Bank denied reports that the bank was being sold to Auwal Lawan Abdullah, a relative of Ibrahim Babangida.[16][17]

On 20 October 2022, the Central Bank of Nigeria (CBN) and the Asset Management Corporation of Nigeria (AMCON) announced the sale of 100 per cent of the equity in Polaris Bank to Strategic Capital Investment Limited (SCIL). SCIL paid an upfront consideration of N50billion (approximately US$115 million to acquire 100 per cent of the equity of Polaris Bank. They also agreed to pay N1.305 trillion (approx. US$3 billion) in bonds that CBN and AMCON had injected into Polaris. As a result of this transaction, CBN and AMCON recovered all the capital that had been injected into Polaris since 2018.[18]

Branch network

Polaris Bank Limited maintains an interlinked branch network of over 260 branches in all parts of Nigeria. The bank maintains her headquarters at 3 Akin Adesola Street, Victoria Island, Lagos, Lagos State, Nigeria.

Governance

Effective 2016, the Chairman of the Board is M. K. Ahmad, who chairs the sixteen (16) member Board of Directors. The Chief Executive Officer and Group Managing Director was Innocent Ike, appointed in September 2020.[citation needed]

Following the acquisition by SCIL, Adekunle Sonola was named the new CEO.[19]

See also

References

  1. ^ Vanguard Business News (22 September 2018). "NSE suspends trading on Skye Bank shares". Vanguard (Nigeria). Lagos. Retrieved 5 November 2018. {{cite web}}: |author= has generic name (help)
  2. ^ Polaris Bank (5 November 2018). "The Board of Directors of Polaris Bank Limited". Lagos: Polaris Bank Limited. Retrieved 5 November 2018.
  3. ^ Central Bank of Nigeria (5 November 2018). "Central Bank of Nigeria: List of Licensed Commercial Banks". Abuja: Central Bank of Nigeria. Retrieved 5 November 2018.
  4. ^ Udo, Bassey (21 September 2018). "Nigeria's Central Bank takes over Skye Bank". Premium Times. Abuja. Retrieved 5 November 2018.
  5. ^ Iyatse, Geoff (2022-10-21). "Strategic Capital acquires 100 equity in Polaris Bank". The Guardian Nigeria News - Nigeria and World News. Retrieved 2022-11-01.
  6. ^ Unaudited Financial Report: September 2010 Archived January 4, 2011, at the Wayback Machine
  7. ^ Obinna, Chima (24 September 2018). "A Decade after, Like Lehman Brothers, Like Skye Bank?". This Day. Lagos. Retrieved 5 November 2018.
  8. ^ OMEJE, Chikezie (2018-09-22). "Skye Bank takeover: A journey from Afribank to Polaris Bank". The ICIR. Retrieved 2022-09-06.
  9. ^ "Nigeria: Skye Bank Unveils First Mastercard Verve". Daily Champion via AllAfrica.com. Lagos. 27 January 2011. Retrieved 5 November 2018.
  10. ^ "MainStreet Bank, Acquired by Polaris Bank Ltd. on October 31st, 2014 | Mergr". Mergr.com. 31 October 2014. Retrieved 20 August 2022.
  11. ^ Nike Popoola (21 September 2018). "CBN revokes Skye Bank's licence, Polaris Bank takes over". The Punch. Retrieved 5 November 2018.
  12. ^ "Breaking: Skye Bank's operating licence revoked by CBN - Vanguard News". Vanguard News. 2018-09-21. Retrieved 2018-10-09.
  13. ^ siteadmin (2018-09-21). "BREAKING: CBN Revokes Skye Bank's | Sahara Reporters". Sahara Reporters. Retrieved 2018-10-09.
  14. ^ "CBN revokes Skye Bank's licence, Polaris Bank to take over assets - TheCable". TheCable. 2018-09-21. Retrieved 2018-10-09.
  15. ^ "Why CBN revoked Skye Bank licence - Vanguard News". Vanguard News. 2018-09-21. Retrieved 2018-10-09.
  16. ^ olufemiajasa (2022-08-05). "Polaris Bank not sold, management debunks fake news". Vanguard News. Retrieved 2022-08-23.
  17. ^ "Polaris Bank in Safe Hands, No Need to Panic—Management | Business Post Nigeria". 2022-08-05. Retrieved 2022-08-23.
  18. ^ Mark Itsibor (20 October 2022). "CBN, AMCON Announce Sale Of Polaris Bank". Leadership Nigeria. Abuja, Nigeria. Retrieved 23 October 2022.
  19. ^ Ugwu, Chris (2022-10-22). "Meet Adekunle Sonola, the new MD/CEO of Polaris Bank Limited". Nairametrics. Retrieved 2022-11-01.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Polaris_Bank_Limited&oldid=1127371753"