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Tag: Polaris Bank

  • Polaris Bank appoints Segun Opeke as Executive Director

    Polaris Bank appoints Segun Opeke as Executive Director

    The Board of Directors of Polaris Bank Ltd and Asset Management Corporation of Nigeria has appointed Mr Segun Opeke as an Executive Director.

    The bank’s Company Secretary, Mr Babatunde Osibodu, announced the appointment in a statement in Lagos.

    Osibodu said the development was coming on the heels of the recent appointment of, Mr Innocent Ike, as the Acting Managing Director of the Bank.

    He said that Opeke, until the appointment, was the Directorate Head, Lagos Business.

    “Opeke has over 25 years of hands-on work experience acquired from leading Nigerian commercial banks with over 15 of these years in Senior and Executive Management roles.

    “The Lagos Directorate under his leadership recorded outstanding growth and contributed significantly to the turnaround of the bank, evidenced by its impressive financial performance recorded in the 2019 financial year.

    “By this appointment, he is expected to strengthen the bank’s leadership aspirations in the banking industry leveraging his wealth of experience and contributing greatly to its ongoing corporate transformation programme,” he said.

    Osibodu said Opeke had occupied strategic roles in various institutions including FSB International Bank, Prudent Bank and Chartered Bank where he started his banking career.

    “Following the emergence of Skye Bank in 2006, Segun worked as the Bank’s Treasurer and Regional Director for Victoria Island and Ikoyi.

    “He was also the Group Head for Corporate Banking, Aviation and Maritime Group at various times.

    “As a member of the Bank’s Executive Committee, he has remained a strong asset for the institution making insightful contributions and bringing real value on board,” Osibodu added.

    He said that Opeke’s appointment as Executive Director, Lagos Business, would further strengthen the management and board in actualising the bank’s leadership aspirations.

    “Opeke holds a BSc. (Banking and Finance) and an MBA from the University of Lagos.

    “He is an alumnus of the Columbia Business School, New York.

    “He has attended several professional, management and leadership programmes in world-class institutions including INSEAD and Euromoney, London.

    “Opeke is credited with making immense contributions in change management, corporate finance/restructuring and digital transformation.

    “Polaris Bank is a future-determining bank committed to delivering industry-defining products, and services, across all sectors of the Nigerian economy,” Osibodu added.

  • Polaris Bank announces Innocent Ike as Acting MD/CEO

    The Board of Polaris Bank Limited and Asset Management Corporation of Nigeria, the Bank’s shareholder, have announced the appointment of Innocent C. Ike as the Acting Managing Director/CEO effective September 1, 2020.

    The announcement of the appointment was contained in a statement by the Company Secretary of Polaris Bank, Babatunde Osibodu, on Saturday.
    ​
    The incoming Acting Managing Director/CEO was until now the Executive Director, Technology and Services of the Bank, while also overseeing the South South and South East Directorate of the Bank.

    Osibodu said in the statement: “Accordingly, not only has he been a pivotal part of the Bank since July 2016, but a major driver of the Corporate Transformation journey. This gives an assurance of continuity: a definite continuation of the strategic plans and initiatives that brought the Bank the successes it has recorded till date.
    ​
    “Mr. Innocent Ike has garnered over three decades’ professional experience in the Banking Industry. ​ He is a graduate of Accounting from the University of Lagos, a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), a Certified IFRS Expert and an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria (CIBN). He holds an Executive Certificate in Strategy & Innovation from MIT Sloan School of Management; Boston and he is also a Member of Institute of Directors (IOD).
    ​
    “With this change of baton, the Bank is set to continue to deliver on the sterling performance reflected in the full year 2019 results in which the Bank posted Profit After Tax (PAT) of N27billion. To buttress the fact that this is sustainable, the Bank’s first half 2020 result showed a PAT of over N18billion, despite the tremendous headwinds brought on by the COVID-19 pandemic.
    ​
    “The Board of Directors of the Bank is confident that Polaris Bank will benefit immensely from Mr. Ike’s skills and wealth of experience. With his hard work and diligence, the Bank is bound to continue to thrive under his leadership.
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    “Polaris Bank is a future-determining Bank committed to the delivery of industry-defining products, and services, across all sectors of the Nigerian economy.”

  • APC picks outgoing Polaris Bank MD as consensus candidate for Lagos East senatorial by-election

    APC picks outgoing Polaris Bank MD as consensus candidate for Lagos East senatorial by-election

    National leader of the All Progressives Congress, APC, Asiwaju Bola Tinubu and the Lagos State Chapter of the party have endorsed the candidacy of former Commissioner for Finance in the state, Tokunbo Abiru for the forthcoming Lagos East Senatorial by-election.

    The party’s state Assistant Publicity Secretary, Mr Abiodun Salami, gave the confirmation in an interview with the News Agency of Nigeria (NAN) on Friday in Lagos .

    He said the choice of Abiru whose second term tenure as CEO of Polaris Bank expires August 31, was agreed upon by party elders, including the APC National Leader, Asiwaju Bola Tinubu.

    Salami said Abiru had been successfully screened at the party secretariat,adding that all the other aspirants had stepped down for him in agreement with the party.

    “Mr Abiru is the consensus candidate of the party; it is confirmed.

    “The elders, under the platform of Governor’s Advisory Council, met and consulted widely and they resolved on the choice of Abiru as the consensus candidate.

    “The choice has been endorsed by the National Leader of the party, Asiwaju Bola Tinubu; all the other aspirants have stepped down in agreement, it was a unanimous decision, “he said.

    Salami said the party would, notwithstanding, still follow the process of affirmation to validate the choice of Abiru as the APC flag bearer for Lagos East Senatorial District.

    On Kosofe 2 state constituency bye-election which will also hold on Oct. 31, Salami said the party’s candidate would soon emerge.

    He said a lot of work was going on to produce an acceptable flagbearer for the state constituency election.

    Salami described APC as the party of the people, saying the party will win both the senatorial and state constituency bye-elections.

    The Lagos East Senatorial District became vacant following the death of Sen. Bayo Osinowo, representing the area, on June 15.

    The Independent National Electoral Commission(INEC) also declared the Kosofe 2 state constituency seat vacant following the death of Mr Tunde Braimoh, lawmaker representing the area, on July 10.

  • SMEs commend Polaris Bank, Facebook on capacity building initiative

    SMEs commend Polaris Bank, Facebook on capacity building initiative

    A cross-section of business owners who participated in the just-concluded capacity building programme organised for SMEs have commended Polaris Bank and social media giant Facebook for giving them the free opportunity to acquire new skills on how to grow their businesses, leveraging technology.

    The virtual digital marketing seminar, which had over 5000 SMEs as participants in its phase 1 and 2 ran for days in each session. The programme is in fulfilment of the bank’s commitment to empower Nigerian SMEs. The workshop was designed to help them explore and learn new ways to grow their businesses, especially in the era of COVID-19 pandemic, which has further emphasized the need for digitization of business processes.

    The sessions dwelt on how to build an online presence with Facebook, the discovery of tools to drive business, systemic ways on how to find customers on Instagram, and subsequently information on how to Create Facebook Adverts.

    Commenting on the benefits of the empowerment programme, the Group Head, Products and Markets Development of Polaris Bank, Adebimpe Ihekuna, disclosed that the bank’s move was to equip SMEs on how to leverage social media tools to generate marketing leads and sales.
    Ms Adebimpe said, “The free empowerment training and partnership is part of Polaris Bank’s effort to contribute to driving SMEs businesses in the digital space.”

    She further noted, “For SMEs to remain relevant in their line of business, Entrepreneurs must position to level up with the challenges of the digital world to scale to the next level”.

    On his part, the founder/CEO at DIGIVATE 360, Segun Oyetunji, partner to the bank on the “Boost With Facebook Programme” spoke of his delight about the on-going success of the partnership with Polaris Bank on boosting the digital capacity of SMEs in Nigeria over the years.
    “We are immensely grateful to Polaris Bank for the opportunity to collaborate!”

    Speaking after the session, Adedeji Adewale, a detergent manufacturer from Akure, Ondo State, was full of commendation for the bank. He revealed that the wealth of knowledge provided during the training is comprehensive enough to understand the dynamics of digital business.”
    He also stated the need for more digital marketing training.

    Another participant, Kadiri Mohammed, a shop owner at Balogun market in Lagos praised Polaris Bank and Facebook for making it possible for her to acquire knowledge on “social media marketing.”

    “This programme which attracted the participation of the SME community in Nigeria drew attendance from the 6 geopolitical regions of the country.

    Polaris Bank is a future-determining bank committed to the delivery of industry-defining products for individuals and businesses.

  • Polaris Bank CEO, Tokunbo Abiru announces retirement

    Polaris Bank CEO, Tokunbo Abiru announces retirement

    The Managing Director/Chief Executive Officer, Polaris Bank Limited, Mr Tokunbo Abiru, has announced his retirement from the service of Polaris Bank, effective August 31.

    The bank said this in a statement on Sunday titled.

    According to the bank, Abiru successfully completed his second two-year tenure at the helm of the bank.

    “It gives me great pleasure to say that with the support of the board, executive management and all of you, we have delivered on the mandate given to us by the Central Bank of Nigeria upon assumption of office in 2016,” he said.

    Going down memory lane, he reminded staff of the bank’s poor state before he assumed office in 2016 as the group managing director of the erstwhile Skye Bank.

    He noted that all prudential ratios were out of compliance with regulatory requirements, capital was negative, the loan book was mostly delinquent, while liquidity faced deposit attrition.

    Then he added, the IT infrastructure was dilapidated and employee morale was low, resulting in erosion of public confidence.

    He praised the staff for working with him to reverse the trend and bring about an institution that had become a compelling case study in corporate turnaround within Nigeria’s financial services industry.

  • Nigeria’s Health Sector has Massive Wealth Potential, says Abiru

    Nigeria’s Health Sector has Massive Wealth Potential, says Abiru

    Polaris Bank CEO, Mr. Tokunbo Abiru has disclosed that Nigeria’s health sector holds immense potential to create wealth for the country if an enabling environment is put in place for the sector to thrive.

    Mr. Abiru said this during a webinar hosted by the Bank on: ‘Managing Healthcare Business During & Post-COVID-19’.

    While speaking on the gap and opportunities in the health sector, he drew participants’ attention to the current state of medical services globally which according to him, are overstretched.

    He noted that Nigeria’s case is however peculiar owing to what he referred to as pandemic preconditions that existed in the nation’s health sector before the outbreak of COVID-19 but further re-enforced by the realities of COVID-19.

    “Despite these unfortunate realities, with the right policies and legislation, the health sector has the potential to create wealth for the country. This will include exploring ways to make medical services affordable by providing a well-defined and incentivised insurance framework to cover the formal and informal sectors. He further noted that Nigeria’s large population offers a huge demand potential for turning the health sector into a money-spinner for the country.”

    According to him, “If the right legislation is in place, medical tourism can be a thing of the past while providers of capital would have the comfort to bridge funding gap thus getting the sector to work optimally.”

    Dr. Abiodun Oyenuga, the quality assurance adviser of Medical Credit Fund, who spoke on the ‘Overview of the Pandemic and its Impact on Healthcare Business’ noted that: “There is a decrease in the ability to afford healthcare as a result of the business shutdown; loss of income and loss of jobs among several drawbacks. He however advocated for more participation from financial institutions by providing credits and financing; and also a renewed focus of Government in reviving the healthcare industry as these will gravitate towards improving patient satisfaction; as well as an increase in profit.

    With respect to expanding coverage, improved and timely access to primary health care services, Mr. Adil Shaikh, Chief Technology Officer of MeCure, explains that Telemedicine provides patients the opportunity to access online consultation, prescription and delivery of prescribed drugs from certified pharmacies across Nigeria. Mr. Shaikh noted however that telemedicine comes with challenges especially for providers of medical services who wish to explore the field; ranging from technology infrastructure, user education & general awareness and connectivity issues on the part of the consumer. He identified three major areas financial institutions could help to bridge the gap including: leveraging reach to generate awareness, innovating on digital payments, and partnerships with health institutions.

    On her part, Dr. Itunu Akinware, Managing Director Medbury Medical Services, advocated for effective collaborations within the health sector drawing from the saying, “You shouldn’t let a good crisis go to waste,” she emphasized that ‘now that a lot of light has been shone on the health sector and we can see the gaps in infrastructure, processes, and systems, this is the time for all of us to work together and ensure that we can improve healthcare in Nigeria”.

    Speaking from the perspective of what her organization is doing differently to stay afloat despite the impact of COVID-19, Dr. Akinware said, “we have developed a three-pronged strategy: to increase or maintain revenue; reduce or re-align cost and manage cash.”

    Mr. Omoshola Yusuf, Divisional Head, Medical & Technology, Hygeia HMO who spoke on how the increasing cost of care is being moderated by the HMO scheme encouraged Nigerians, employers of labour, as well as individuals, to embrace the scheme.

    Mr. Segun Opeke, Directorate Head, Lagos Business, Polaris Bank spoke on the product offering of the Bank to the health sector which he described as two-pronged: Polaris Healthcare Loan and the CBN 100billion healthcare support fund to cushion the impact of COVID-19 and improve the gaps/deficit in the healthcare business, going forward.

    “The Polaris Healthcare Loan has two variants: what can be available as overdraft facility for working capital purposes; purchase of consumables; discounting of invoices, etc. Interest is very competitive while Loan amount is subject to the applicant’s capacity”, Opeke explained.

    Continuing, Mr. Opeke noted, “There is also the Term Loans available for renovations, expansion, purchase of equipments for hospitals, vehicles, etc. depending on what the need is. Interest rate is in single-digit”, he added.

    Mr. Opeke in response to a question posed by a participant on the role of Polaris Bank in assisting healthcare providers access the CBN intervention fund, said that the NGN100 Billion Credit Support for the Healthcare sector, is to provide credit to indigenous pharmaceutical companies and other healthcare value chain players intending to build or expand capacity. Polaris Bank is at the fore-front and has over the past few months assisted a number of healthcare businesses to access facilities under the Apex Bank intervention Fund.

    In his closing remarks, Polaris Bank MD/CEO, Mr. Abiru said, “If there’s any major lesson to take out of this pandemic, it is for us not to lose the opportunity it presents to improve the quality of our health sector and provide a system that is beneficial to all; regardless of social status.”

    The webinar attracted thousands of participants from across the world comprising, individuals; business owners; students, lecturers and entrepreneurs across different sectors of the economy but majorly from the healthcare value chain.

    Polaris Bank is a future-determining Bank committed to the delivery of industry-defining products, and services, across all the sectors of the Nigerian economy.

  • Happening now: Fire razes Polaris bank branch in Benin [Watch video]

    There is a fire outbreak at a Polaris Bank situated along Ugbowo road, Uwasota junction, Benin, Edo State.

    Watch video:

  • Polaris Bank Celebrates First Year of Operation, Declares ₦27.8billion Profit

    Polaris Bank Celebrates First Year of Operation, Declares ₦27.8billion Profit

    *Capital Adequacy and Liquidity Ratios above regulatory requirements
    *To reap benefits of IT investment in 2020

    It was cheering news over the weekend as Polaris Bank Limited released its first Audited IFRS 2019 compliant financial result posting a profit before tax of N27.8billion. The result which posits a compelling narrative in the history of Nigeria’s banking industry followed from the turn-around initiatives undertaken by the leadership of the Bank led by the MD/CEO Mr. Adetokunbo Abiru.

    According to the Bank’s first full year financial result released during the weekend, Polaris Bank Limited posted a gross earnings figure of ₦150.8bilion and a Profit Before Tax (PBT) of N27.8billion within the first full year of operations. The remarkable achievements coming in the first year of operations of the institution is a clear validation of regulatory induced interventions in the nation’s history.

    The Bank also closed the 2019 financial year with Total Assets of N1.1trillion and Shareholders Funds of N83billion. The result shows that Polaris Bank’s Capital Adequacy Ratio (14%) and liquidity ratio (81%) are well above regulatory requirements demonstrating strong prudential compliance and strong capital buffer, careful liquidity management and resilience.

    This result is coming amidst the highly challenging business environment which forced many businesses to cut down on their operating expenses.

    The Bank’s customer deposits stood at N857.9billion even as the Bank continues to focus on stable, low-cost deposits and well-diversified portfolio devoid of high concentration. Likewise, the loan book stood at N261billion providing the Bank with the desired headroom to accommodate required growth in risk assets to support the nation’s economic growth.

    The Bank equally recorded a Return on Equity (ROE) and Return on Assets (ROA) of 33.0% and 2.4% respectively for the year ended December 31st 2019.

    Commenting on the Bank’s performance, the Managing Director/Chief Executive Officer (MD/CEO) of Polaris Bank Limited, Mr. Adetokunbo Abiru said that: “the emergence of Polaris Bank on September 21, 2018, has heralded a new dawn as it laid the foundation for institutional competitiveness and service innovation in the nation’s challenging banking space.”

    Expressing satisfaction with the Bank’s new corporate governance regime, the Chief Executive Officer noted that “We shall continue to run an ethically governed Bank, upholding sound risk management practices and proactively taking measures to mitigate the impact of the adverse business environment while the Board and Management continue to guide the Bank towards a path of sustainable growth.

    Polaris Bank’s performance has assured a strong positive outlook for earnings, margins, and profitability improvement in its cautious pursuit of loan growth, a sustained strategy for operational efficiency, funding cost optimization, and efficient deposit mix. The headroom for loan creation no doubt presents an opportunity for improved margins.

    Going into the year 2020 and despite the challenging macroeconomic environment, The Bank says it is poised to reap the benefits of its investment in both the capacity of its employees to improve service experience as well as in critical infrastructures that will support the digitization of its operations.

    Polaris Bank is a future-determining Bank committed to the delivery of industry-defining products, services, and digital platforms across all the sectors of the Nigerian economy. The Bank is a member of the United Nations Environment Programme Finance Initiative (UNEP FI), which seeks to engage the private sector and the global financial sector to help create a financial sector that serves people and the planet while delivering positive impact.

  • How Nigerian Banks have fared in serving customers in COVID-19 era

    As the reality of the COVID-19 pandemic fully unfolds, businesses, particularly the banking sector, have perfectly adjusted to ensure continued quality service delivery to their customers nationwide. Vanguard reports

    When President Muhammadu Buhari on Sunday, March 30 2020, in his much-anticipated nationwide broadcast declared total lockdown in Lagos, Ogun and Abuja as a measure to contain the fast-spreading coronavirus disease [COVID-19] in the country, most Nigerians (particularly those in the affected states) panicked not knowing what lies ahead of them in the coming days as regards their banking needs.

    However, the Central Bank of Nigeria (CBN) through the Ministry of Finance quickly got the President to waive banking among other essential financial services from the lockdown, though still on a skeletal-mode.

    As the reality of the COVID-19 pandemic fully unfolds, businesses, particularly the banking sector, have perfectly adjusted to ensure continued quality service delivery to their customers nationwide.

    As the Banks face the litmus test of technology banking, some banks seem to be standing out of the crowd. At this point, Polaris Bank, Zenith, FCMB, Access Bank, GTBank and UBA are some of the banks helping customers weather the harsh realities of COVID-19.

    Checks by our correspondents in some states not affected by the presidential lockdown orders like Ibrahim Taiwo Kano, Murtala Muhammed Way, Jos, Orereowu, Ado Ekiti and Afikpo Road, Abakaliki could not but laud the professionalism and attention to details of Polaris Bank staffers.

    One of the Polaris Bank’s staff who spoke on condition of anonymity explained that they were under strict instructions from the Bank’s management to follow all social distancing rule and impress it on customers to follow all guidelines of checking their temperature and ensure they use sanitizers provided before the gain entry into the ATM gallery or banking hall.

    While maintaining the existing social distancing rule, customers are properly screened and asked to wash their hands or use sanitizers before gaining entrance into the banking halls visited. The banking halls are also properly spaced to avoid unnecessary body contacts. The ATM galleries are also well-spaced and customers are mandated to sanitize their hands before and after using the machines.

    However, there were few exceptions of rowdy sessions seen at branches visited by our Correspondents in Sapon, Abeokuta, Fagbewesa, Osogbo, Oyemekun Road, Ondo, Tunga Junction, Minna Niger State where customers seem unruly in trying to access the ATMs as some of them obviously were in panic mode to make cash withdrawals not wanting to take chances on availability of cash or not, despite assurances being dished out by staffers of the banks seen at those branches urging calm.

    A customer who identifies himself simply as Kabiru at Sapon branch of Polaris Bank said he was not sure if he would get cash if it was his turn from the ATM or not as he did not believe which explains his apprehension and wanting to jump the queue.

    Our checks reveal that despite having over 62 of its selected branches open for in-house businesses between 9am – 1pm daily, the Polaris Bank and Access Bank are regularly dishing out communication to advise customers (particularly those in the lockdown states) to take advantage of their alternative channels that will remain open and effective 24/7 to manage transactions and ensure that the lock-down does not result in a breakdown.

    Riding above COVID-12 to deliver service seems to be the new Mantra in Polaris. Thumbs up to the new way of business.

  • [Video] Customers of Polaris bank panic over technical shutdown

    [Video] Customers of Polaris bank panic over technical shutdown

    Several customers of Polaris Bank are in fear as technical challenges mar banking operations in the financial institution.

    According to information reaching TheNewsGuru,TNG most of the disturbed customers have been unable to make withdrawals from their accounts for over 48 hours.

    One of the affected persons, who identified himself to TNG as Micheal [Surname withheld], lamented that both his business and personal upkeep as suffered as a result of the partial shutdown of operations in Polaris.

    Micheal who visited the Polaris branch in Ikorodu area of Lagos to make withdrawals on Tuesday said: “I have not been feeding well, I only came here two days ago and was told there was a challenge with network. However, when I came here today, I was shocked as the problem persisted”

    “We have been here for hours, sitting down for nothing. My biggest fear came when my account manager confided in me that I should be prayerful. He [account manager] said the bank is having financial crisis due to an ongoing battle with one of the former top directors of the bank over misappropriation of funds.

    Meanwhile, the management of Polaris bank has issued a statement apologising to its customers on the crisis at hand.

    The statement reads, ” Dear Esteemed Customer,We wish to inform you that we are experiencing service disruptions on some of our platforms as a result of system maintenance which has lingered beyond the expected time.

    Whilst our technical teams are working hard to restore services across affected platforms, our branches will continue to attend to customers.

    We apologise for the inconveniences and assure you that the situation will soon be normalised. Thanks for your understanding.

    Recall that in pursuant to section 38(1)(c) and 39(1) of the Nigerian Deposit Insurance Corporation Act No. 16 of 2006 (NDIC Act) and by a Purchase and Assumption Agreement dated 21st day of September, 2018, Polaris Bank Limited as a bridge bank, has assumed all the deposit liabilities and certain other liabilities and has had vested in it, all the assets of Skye Bank Plc effective from the 21st day of September, 2018.

    By this notice, this to a large extent allays fears that Polaris bank is undergoing any financial crisis, as it is now fully capitalised and has the support of both the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation.

    Other reactions from affected customers: