Monday, September 8, 2025
24.5 C
Lagos

Skye Bank to Polaris Bank: Another Fake Promise?

When the Central Bank of Nigeria (CBN) sacked the management of Skye Bank Plc in 2016 and named a new management to run the bank, the apex bank and the new managers promised that all was well with Skye Bank.

That promise however unraveled last Friday when the CBN once again intervened in the affairs of Skye Bank, this time revoking its operating license along with change of name to Polaris Bank Limited and new logo.

The next day, the retained management of the ‘NEW’ Polaris Bank issued this promise:

“Polaris Bank Limited shall continue to pay interest on all deposits in accordance with any deposit agreement formerly existing between each depositor and Skye Bank Plc. as at the date of assumption of such deposit by Polaris Bank Limited. In the event that Polaris Bank Limited seeks to make any changes to interest payable on any deposits, any such changes shall be notified in writing to each depositor and shall only take effect after a reasonable time following the giving of such notice.”

The statement was signed by Mr. Adetokunbo M. Abiru and Muhammad K. Ahmad, Group Managing Director/ CEO and Chairman, Polaris Bank Limited respectively.

However, worried customers of Skye Bank are asking one crucial question: Is the present promise by the CBN and Polaris Bank Limited genuine or fake? Or is it another ploy to keep worried customers from fleeing the bank for good before the roof finally crashes to the ground given past experiences?

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

Global Airlines Financial Monitor: December 2016

The latest round of financial results from Q3...

NAICOM Chief, Sunday Thomas, Wins 2022 SERVICOM CEO Award

Mr. O. S. Thomas, the Commissioner for Insurance/CEO, National...

IMF Projects 3.9% Global GDP in 2018, 2019

The upturn in economic growth prospects for the global...

$7m Prize to Fund African Renewable Energy Projects

Access Power, a developer, owner and operator of power...

£15bn Petro Union Fraud: Attorney-General of the Federation Steps In

In a significant move to safeguard Nigeria from potential...

BCG Embarks on Beach Clean Up to Mark World Health Day 2022

L-R: Oumar Toure, Project Leader, BCG Nigeria; Tolu Oyekan,...

TU Focus Group Makes Progress on 2bn Unbanked People

The International Telecommunication Union (ITU) Focus Group on Digital...

Nigeria’s Fola Daniel Named in African Insurance ‘Hall Of Fame’

Nigeria’s Fola Daniel, insurance icon and former Commissioner for...
spot_img

Related Articles

Popular Categories

spot_imgspot_img