Polaris Bank Limited

Last updated
Polaris Bank Limited
Company typePrivately Owned Commercial Bank
Industry Financial services
GenreBanking
FoundedSeptember 24, 2018;6 years ago (2018-09-24) [1]
Headquarters3 Akin Adesola Street
Victoria Island, Lagos, Lagos State, Nigeria
Key people
Kassim Gidado
chairman
Kayode Lawal
chief executive officer [2]
Products Banking
Financial services
Parent Polaris Bank Limited   OOjs UI icon edit-ltr-progressive.svg
Website polarisbanklimited.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. [5]

Contents

Overview

Polaris Bank is a large financial services provider in West Africa and Central Africa with headquarters in Nigeria. 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]

In May 2021, the bank introduced launched VULTe, its Digital Banking platform ." 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, which paid an upfront consideration of N50billion (approximately US$115 million). 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]

On January 10, 2024, the regulatory Central Bank of Nigeria dissolved the board and management of Polaris Bank and appointed Kayode Lawal as new Chief Executive Officer. [19]

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 chaired the 16-member board of directors. The chief executive officer and group managing director was Innocent Ike, appointed in September 2020. [20]

Following the acquisition by Strategic Capital in October 2022, Adekunle Sonola became the chief executive officer. [21]

On January 10, 2024, the regulatory Central Bank of Nigeria (CBN) dissolved the board and management of Polaris Bank and appointed Omokayode Lawal as the new chief executive officer. [22]

Awards

In 2023, it was named the Best Digital Bank of the year for the third time at the BusinessDAY’s Banks And Other Financial Institutions (BAFI) Awards in Nigeria. [23]

The bank was awarded the Best in MSME(Micro, Small, and Medium Enterprises Lending) at the MSME Finance Awards 2024(which was the first of its kind). [24]

It won the "Best Bank for MSMEs" at the BusinessDAY’s Banks And Other Financial Institutions (BAFI) Awards in Nigeria. [25]

See also

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References

  1. ↑ Vanguard Nigera (22 September 2018). "NSE suspends trading on Skye Bank shares". Vanguard (Nigeria) . Lagos. Retrieved 5 November 2018.
  2. ↑ Polaris Bank (5 November 2018). "The Board of Directors of Polaris Bank Limited". Polaris Bank Limited. Lagos. 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. ↑ Mark Itsibor (11 January 2024). "Meet the new directors of Polaris Bank". Businessday Nigeria . Retrieved 11 January 2024.
  20. ↑ Awojulugbe, Oluseyi (August 29, 2020). "Innocent Ike appointed acting MD of Polaris Bank". The cable. Retrieved August 29, 2020.
  21. ↑ Ugwu, Chris (2022-10-22). "Meet Adekunle Sonola, the new MD/CEO of Polaris Bank Limited". Nairametrics. Retrieved 2022-11-01.
  22. ↑ "Profile: Omokayode Lawal, Polaris Bank's new MD/CEO". PremiumTimes. 11 January 2024. Retrieved 2024-01-11.
  23. ↑ "Again, Polaris Wins Nigeria's Best Digital Bank Award with VULTe – THISDAYLIVE". www.thisdaylive.com. Retrieved 2024-10-14.
  24. ↑ Apanpa, Olaniyi (2024-10-02). "Polaris Bank wins 'Best in MSME lending' award". Punch Newspapers. Retrieved 2024-10-14.
  25. ↑ Moses-Ashike, Hope (2024-11-11). "Polaris Bank wins BusinessDay's "Best Bank for MSMEs" award". Businessday NG. Retrieved 2024-11-11.
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