Adekunle Sonola, managing director and chief executive officer of Polaris Bank, has sent an e-mail to the staff over a media report on the ownership of the bank.
![Polaris Bank](https://fasnewsng.com/wp-content/uploads/2022/12/VULTe-Logo-300x94.png)
Last year, the Central Bank of Nigeria (CBN) said it completed the sale of Polaris Bank to Strategic Capital Investment Limited (SCIL), the new core investor. SCIL was said to have paid an upfront consideration of N50 billion to acquire 100 percent of the equity of the bank. As part of the deal, SCIL also accepted the terms of the agreement which (at the time) included the full repayment of the sum of N1.305 trillion, being the consideration bonds injected.
On Thursday, a report by Premium Times accused the bank of breaching the Corporate and Allied Matters Act (CAMA) 2020 by not disclosing the details of Polaris bank’s 45 percent ownership in its documentation with the Corporate Affairs Commission (CAC).
The report named Michel Danladi Verheijen and Ehimari Idahi, who are venture capitalists, and Albert Chukwuemeka Emuwa, a banker, as holders of the 45 percent stake through “layers of offshore entities”.
However, in an e-mail to the staff, which was leaked to TheCable, Sonola asked them to focus their energies “on building an enduring brand” as the bank has gone beyond “the sale process”.![Polaris Bank](https://fasnewsng.com/wp-content/uploads/2022/11/Polaris-Bank-300x169.jpg)
![Polaris Bank](https://fasnewsng.com/wp-content/uploads/2022/11/Polaris-Bank-300x169.jpg)
The CEO also referred to the joint statement, dated October 20, 2022, issued by the CBN and Asset Management Corporation of Nigeria (AMCON) announcing the sale of 100 percent equity in Polaris Bank to a new core investor, SCIL.
He referred to another statement by CBN on January 4, 2023 “wherein it provided copious details of the process by which the sale was conducted. These publications are still in the public domain and continue to be reference points where further enquiries are needed,” Sonola said.
“Contrary to claims… the divestment from Polaris Bank was supervised by a Divestment Committee (the Committee) comprising senior representatives of AMCON and CBN and supported by reputable legal and financial advisers. In addition, the divestment mode, process, and decision received requisite board and regulatory approvals.![Polaris Bank](https://fasnewsng.com/wp-content/uploads/2021/09/Polaris-Bank-Limited.png)
![Polaris Bank](https://fasnewsng.com/wp-content/uploads/2021/09/Polaris-Bank-Limited.png)
“We reiterate that the divestment from Polaris Bank was in compliance to a well-defined, and appropriately implemented institutional framework as required by the necessary regulatory provisions guiding such divestments. In addition, the process was coordinated using known reputable legal and financial advisers in Nigeria and approved by the respective leaderships/boards of the two institutions.
“Please be assured that our Bank has since progressed beyond the sale process, as the relevant facts surrounding the acquisition and the transparency that preceded the sale has always been in the public domain. We encourage you to remain undistracted by the story and focus your energies as you have done in recent months on building an enduring brand anchored on excellent service and exceptional customer experience.”
47 comments
Hi there, I discovered your web site via Google at the same time as searching for
a comparable matter, your website got here up, it appears to
be like great. I’ve bookmarked it in my google bookmarks.
Hello there, simply became aware of your blog thru Google,
and found that it’s really informative. I’m going
to be careful for brussels. I’ll appreciate should you proceed this in future.
Numerous people shall be benefited out of your writing.
Cheers!
“Yorumsuz Haber, T�rkiye ve d�nya g�ndemini takip etmenin en kolay yolu!” Haberleri oku
Kiralık web sitesi nedir
It’s really a nice and useful piece of information. I’m happy that you shared this useful info with us.
Please stay us up to date like this. Thank you for sharing.
“En do�ru haberleri ��renmek i�in Yorumsuz Haber’i tercih edin!” Haber sitesi
[…] Sonola, managing director and chief executive officer of Polaris Bank, has sent an e-mail to the staff over a media report on the ownership of the […]
hello!,I like your writing very much! share we communicate more about your post on AOL? I require a specialist on this area to solve my problem. Maybe that’s you! Looking forward to see you.
I believe other website proprietors should take this web site as an example , very clean and fantastic user genial style.
Good V I should certainly pronounce, impressed with your website. I had no trouble navigating through all the tabs as well as related info ended up being truly simple to do to access. I recently found what I hoped for before you know it in the least. Reasonably unusual. Is likely to appreciate it for those who add forums or something, web site theme . a tones way for your customer to communicate. Excellent task..
I keep listening to the news lecture about receiving free online grant applications so I have been looking around for the top site to get one. Could you tell me please, where could i get some?
How Does Sugar Defender Work & What are the Expected Results? Sugar Defender is a liquid supplement.
What Is Puravive? Puravive is a natural weight loss supplement that is known to boost the metabolic processes of the body.
What i don’t understood is actually how you’re not actually a lot more well-liked than you may be right now. You are so intelligent. You understand therefore considerably relating to this subject, produced me in my opinion believe it from numerous varied angles. Its like men and women aren’t involved except it¦s something to do with Girl gaga! Your individual stuffs outstanding. Always take care of it up!
Really instructive and great complex body part of written content, now that’s user friendly (:.
A powerful share, I just given this onto a colleague who was doing a bit analysis on this. And he in reality purchased me breakfast as a result of I discovered it for him.. smile. So let me reword that: Thnx for the treat! But yeah Thnkx for spending the time to discuss this, I really feel strongly about it and love studying more on this topic. If attainable, as you become experience, would you thoughts updating your weblog with more details? It’s highly helpful for me. Big thumb up for this weblog publish!
Way cool, some valid points! I appreciate you making this article available, the rest of the site is also high quality. Have a fun.
Sumatra Slim Belly Tonic primarily focuses on burning and eliminating belly fat.
Great beat ! I would like to apprentice at the same time as you amend your web site, how could i subscribe for a weblog site? The account helped me a acceptable deal. I had been a little bit familiar of this your broadcast offered vibrant transparent idea
I am not sure where you’re getting your information, but good topic. I needs to spend some time learning more or understanding more. Thanks for fantastic info I was looking for this info for my mission.
Nagano Lean Body Tonic: An IntroductionNagano Lean Body Tonic is a dietary supplement designed to help lose unhealthy weight.
Thanks for all your efforts that you have put in this. very interesting information.
I too believe so , perfectly composed post! .
fantastic post, very informative. I wonder why the other specialists of this sector don’t notice this. You must continue your writing. I am confident, you have a huge readers’ base already!
Hello! I just would like to give a huge thumbs up for the great info you have here on this post. I will be coming back to your blog for more soon.
I am really impressed with your writing skills and also with the layout on your weblog. Is this a paid theme or did you modify it yourself? Anyway keep up the nice quality writing, it’s rare to see a great blog like this one today..
Great blog! Do you have any helpful hints for aspiring writers? I’m planning to start my own blog soon but I’m a little lost on everything. Would you advise starting with a free platform like WordPress or go for a paid option? There are so many options out there that I’m totally confused .. Any suggestions? Thank you!
Some really interesting details you have written.Aided me a lot, just what I was searching for : D.
Have you ever thought about adding a little bit more than just your articles? I mean, what you say is fundamental and all. Nevertheless think about if you added some great pictures or videos to give your posts more, “pop”! Your content is excellent but with images and clips, this blog could undeniably be one of the greatest in its niche. Good blog!
As I web site possessor I believe the content material here is rattling fantastic , appreciate it for your efforts. You should keep it up forever! Good Luck.
It is perfect time to make a few plans for the long run and it’s time to be happy. I have learn this post and if I may I want to suggest you few attention-grabbing things or suggestions. Maybe you could write subsequent articles referring to this article. I desire to learn more issues about it!
Some genuinely howling work on behalf of the owner of this internet site, dead outstanding subject matter.
You are a very smart individual!
Great ?V I should certainly pronounce, impressed with your site. I had no trouble navigating through all tabs and related information ended up being truly easy to do to access. I recently found what I hoped for before you know it at all. Quite unusual. Is likely to appreciate it for those who add forums or something, site theme . a tones way for your customer to communicate. Excellent task..
Hello. Great job. I did not expect this. This is a splendid story. Thanks!
Thanks for sharing superb informations. Your web site is very cool. I am impressed by the details that you have on this site. It reveals how nicely you understand this subject. Bookmarked this website page, will come back for extra articles. You, my pal, ROCK! I found simply the info I already searched everywhere and simply couldn’t come across. What a perfect web site.
Hello my friend! I wish to say that this post is awesome, great written and include approximately all significant infos. I’d like to look more posts like this.
I loved as much as you will receive carried out right here. The sketch is attractive, your authored subject matter stylish. nonetheless, you command get bought an nervousness over that you wish be delivering the following. unwell unquestionably come more formerly again since exactly the same nearly a lot often inside case you shield this increase.
I was very pleased to find this web-site.I wanted to thanks for your time for this wonderful read!! I definitely enjoying every little bit of it and I have you bookmarked to check out new stuff you blog post.
Lottery Defeater Software: What is it? Lottery Defeater Software is a completely automated plug-and-play lottery-winning software. The Lottery Defeater software was developed by Kenneth.
I like this post, enjoyed this one appreciate it for posting. “We are punished by our sins, not for them.” by Elbert Hubbard.
What is Tea Burn? Tea Burn is a new market-leading fat-burning supplement with a natural patent formula that can increase both speed and efficiency of metabolism. Combining it with Tea, water, or coffee can help burn calories quickly.
Please let me know if you’re looking for a author for your site. You have some really good articles and I feel I would be a good asset. If you ever want to take some of the load off, I’d love to write some material for your blog in exchange for a link back to mine. Please blast me an email if interested. Many thanks!
Wow, fantastic blog layout! How long have you been blogging for? you make blogging look easy. The overall look of your website is wonderful, let alone the content!
I have been browsing online more than three hours today, yet I never found any interesting article like yours. It is pretty worth enough for me. In my opinion, if all website owners and bloggers made good content as you did, the web will be a lot more useful than ever before.
I have been surfing online more than three hours lately, but I by no means discovered any fascinating article like yours. It is lovely value enough for me. In my view, if all site owners and bloggers made excellent content material as you probably did, the net can be much more helpful than ever before. “Baseball is 90 percent mental. The other half is physical.” by Lawrence Peter Berra.
so much fantastic information on here, : D.
I’m so happy to read this. This is the type of manual that needs to be given and not the accidental misinformation that’s at the other blogs. Appreciate your sharing this best doc.