May 28, 2023

2nd of August 2022, an online news platform claimed that the Central Bank of Nigeria is proceeding secretly but firmly to sell Polaris bank to Babangida’s in-law, Auwal Lawan Abdullah for roughly N40 billion.The report queried the planned sale as it claimed the CBN had invested N1.2 trillion on it, since its 2018 nationalisation.

But the management of Polaris Bank Limited has debunked the fake news report claiming that the bank has been sold to an in-law of former military president, Ibrahim Babangida. This was in a statement on Friday, the bank described the report as speculative and deliberately intended to create panic ,urging the public to disregard it.

“Stakeholders may recall the regulatory intervention in the erstwhile Skye Bank by the CBN and the subsequent injection of capital via the Asset Management Corporation of Nigeria (AMCON) through a bridge bank process, which birthed Polaris Bank in 2018.” “The bank has since stabilised its operations following the intervention; improving its balance sheet, customer base and profitability.” “Whilst the intention has always been to return the bank to private ownership, such a sale would occur following regulatory approvals with formal notification to all relevant stakeholders.”

“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.” The statement read.

Marvelous Ogidi

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