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Polaris CEO Restates Commitment To Improved Service



Polaris Bank Limited group managing director/CEO, Tokunbo Abiru, has pledged the commitment of the new bank to deliver on its mandate to all stakeholders, even as he expressed appreciation to customers for their patronage, support and loyalty.

Abiru, who stated this on a breakfast feature on Arise TV on Sunday, also assured customers of the old Skye Bank saying “our customers are in for a better deal with Polaris Bank.

“Polaris is a new chapter, we are stable and alive. With strong, capitalisation, liquidity, strong management and clean loan books with adequate capitalisation which are key indices for a healthy banking institution, the future could only be brighter for all our stakeholders.”

Predicting the future of Polaris, Abiru said, “Our future will be hinged on strong corporate governance and with robust business operations, we’d build and enhance a sustainable enterprise that would be the pride of every stakeholder.”

The new bank comes into operation with the injection of a massive N786billion by the Nigeria Deposit Insurance Corporation (NDIC) on Friday, September 21, 2018.

Polaris also retains the experienced management team that helped repose public confidence in the old Skye Bank.

In recognition of his team’s sterling performance, CBN had retained Abiru and his team and as a matter of fact, extended another two-year mandate. He currently remains the group managing director of Polaris Bank.

“’This means whatever money customers had in Skye Bank remains same in Polaris Bank. The only difference is the name change and investors coming on board with fresh funds into a bridge institution , “ an industry source explained.

Central bank governor, Godwin Emefiele, in a statement on Friday, September 21, 2018, confirmed the safety of customers’ and depositors’ funds. The statement by the regulatory CBN also confirmed that ‘‘the existing board, management and staff of the defunct Skye Bank has been retained for its good performance.’’

Meanwhile, the NDIC, commenting on Polaris, said as deposit insurer, it acted to ensure the continued safety of depositors’ funds in furtherance of the regulatory authorities resolve to proactively manage potential threats to financial system stability.

In a statement issued by the regulator at the weekend, it assured depositors and customers of the defunct SKYE Bank Plc that their deposits were safe and hereby encourages them to continue to transact their normal banking business with Polaris Bank.

Also, an erstwhile customer of the defunct Skye, now Polaris, Wale Adedipe has expressed optimism that the new bank would meet expectations of stakeholders as it is in good hands.

Industry watchers have also expressed confidence Polaris would surpass expectation based on the belief the Abiru management which performed well within the restrictions of Skye Bank, now has more than it takes to do wonders with Polaris based on the massive injection of funds and great support from the central bank.