Wednesday, July 2, 2025
23.3 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
spot_img

Hot this week

Stanbic IBTC Bank Nigeria PMI: Output Growth Slows but Business Confidence Rises Sharply

The Nigerian private sector remained in growth territory as...

NIA: Insurance Week Designed to Boost Industry Awareness in Nigeria

Mr. Kunle Ahmed Chairman Nigerian Insurers Association (NIA) The Nigerian Insurers Association...

NAICOM Chief: The Future of Nigeria Depends on How We Manage Risks

Keynote Address by Mr. Olusegun Ayo Omosehin, Commissioner for...

SEC Canvasses Advanced Financial Inclusion by 2030

The Securities and Exchange Commission (SEC) has stressed the...

NCDMB to Champion “Nigeria First” Policy in Oil and Gas Sector

The Nigerian Content Development and Monitoring Board (NCDMB) has...

Topics

Access Pensions Surpasses N1tn AUM Milestone

Access Pensions Limited, a subsidiary of Access Corporation, has...

Dateline 2018: Global Financial Industry Set for $1tr Telecom Investment

                The Global Financial Industry The global financial services industry is...

CBN Injected $16bn to Stabilise Forex Market in 2017

The Central Bank of Nigeria (CBN) has so far...

Linkage Assurance Unveils Motor Third Party Plus Variants to Enhance Customer Experience

L-R: Humphrey Ozegbe, Chief Human Capital Officer/Head, Management Services;...

Orange Boosts African Presence – Buys Cellcom Liberia

Orange has announced it has entered into a firm...

Private Musing About Power Supply in Nigeria

By Elvis Eromosele In a world of 3D printing and...

Zenith Bank Expands Global Footprints with Inauguration of Paris Branch

L-R: Mr. Wale Edun, Minister of Finance and Coordinating...

MTN Partners Clickatell to Launch Chat Commerce on WhatsApp

MTN South Africa has partnered with global customer engagement...
spot_img

Related Articles

Popular Categories

spot_imgspot_img