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CBN Denies Rejecting Fairview’s N1.04trn Bid for Polaris Bank

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By Aduragbemi Omiyale

The Central Bank of Nigeria (CBN) has refuted a viral report that it rejected the N1.04 trillion offered by a London-based investor, Fairview Acquisition Partners, for the acquisition of a 100 per cent equity stake in Polaris Bank Limited.

On October 20, 2022, the central bank announced that it had sold the financial institution for N50 billion to a new core investor, Strategic Capital Investment Limited (SCIL).

This raised eyebrows as some observers questioned the rationale behind selling a bank the CBN had pumped about N1.3 trillion into for a paltry sum of N50 billion.

A few days ago, an online platform, Peoples Gazette, published a report alleging that the apex bank rejected an offer of N1.04 trillion made by Fairview for the lender. It claimed the company was sold to SCIL, a company only registered six months before the deal, with links with associates of President Muhammadu Buhari.

But on Wednesday, the CBN, through its spokesman, Mr Osita Nwanisobi, said Polaris Bank was sold to the preferred bidder, stating that Fairview offered N1.02 trillion for the purchase of two banks, including Polaris Bank.

Mr Nwanisobi, who described the report as “spurious, malicious, and misleading,” stressed that the sale of Polaris Bank underwent due process and was based on the relevant laws, global best practices for bank resolutions, and requisite regulatory approvals.

According to him, senior representatives of the Asset Management Corporation of Nigeria (AMCON), CBN, and reputable legal and financial advisers were actively involved in the divestment of the federal government’s interest in Polaris Bank.

He stated that the divestment committee set up for the process received bids from 25 parties, including Fairview, through the execution of a Non-Disclosure Agreement (NDA), the first stage of the process.

It was stated that Fairview did not execute or return the NDA despite verbally confirming receipt of the agreement and after follow-up from the financial advisors.

“Therefore, Fairview Acquisition Partners did not take the opportunity to update their offer by participating in the divestment process and thus did not make a binding purchase offer for Polaris Bank,” the CBN emphasised.

“The committee, along with its legal and financial advisers, conducted a rigorous technical and financial evaluation of the purchase proposals, assessing promoters’ fitness and propriety, offer price received versus reserve price, funding structure and financial capacity, strategy and growth plans, amongst others.

“Following evaluation, the promoters of the strategic purpose vehicle, SCIL, emerged as the preferred purchaser, having presented the most comprehensive technical/financial purchase proposal and the highest-rated growth plans for Polaris Bank.

“In addition to passing all fitness and propriety tests, the promoters also made the highest financial offer for the bank, which was significantly above its core valuation and reserve price,” the statement said.

It explained that the binding offer of SCIL comprises “an immediate upfront consideration of N50 billion and full responsibility for the debt of N1.305 trillion owed to AMCON, essentially a total purchase consideration of N1.355 trillion.”

“This offer was the most competitive and provided taxpayers and the federal government with more than full recovery of its intervention cost. By the sale, the CBN and federal government achieved a successful, value-driven resolution of a strategic financial institution,” it stressed.

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Banking

Access Bank, King’s Trust International Partner on Africa’s Sustainable Growth

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By Modupe Gbadeyanka

A partnership to expand opportunity, entrepreneurship, and sustainable livelihoods for young people across Africa has been signed by Access Bank and King’s Trust International (KTI).

The cooperation marks a significant milestone in advancing cross‑sector collaboration to address youth unemployment, foster entrepreneurship, and drive inclusive growth across Africa.

Under the agreement, Access Bank will support the delivery of KTI’s programmes that empower young people across several African countries, supporting them to gain skills and find pathways into meaningful employment and self-employment across Africa.

It was learned that the collaboration brings together KTI’s expertise in youth development with Access Bank’s pan‑African reach and long‑standing commitment to inclusive and sustainable growth.

Through this alliance, the two organisations will work to equip young people with the skills, confidence and support needed to build successful futures through employment and entrepreneurship.

“At Access Bank, we believe that empowering young people is fundamental to Africa’s sustainable growth. Our partnership with King’s Trust International reinforces our commitment to entrepreneurship, job creation and inclusive development, while enabling us to play a purposeful role in shaping the continent’s future,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.

The chief executive of KTI, Mr Will Straw, while also commenting, said, “This partnership with Access Bank reflects a shared commitment to unlocking the potential of young people across Africa. By combining our experience in youth development with Access Bank’s scale and leadership across the continent, we can create meaningful pathways to opportunity and long‑term impact.”

The signing ceremony was witnessed by senior leaders and representatives from both organisations, alongside distinguished guests, including Mr Aigboje Aig‑Imoukhuede, who is the co-Chair of KTI Africa Advisory Board and Chairman of Access Holdings Plc.

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Zenith Bank Appoints Kennedy Onuwa Okwudili to Board

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By Aduragbemi Omiyale

Mr Kennedy Onuwa Okwudili has been appointed to the board of Zenith Bank Plc as an executive director with effect from May 1, 2026.

A statement signed by the company secretary, Mr Michael Otu, disclosed that the appointment aligns with the financial institution’s “tradition and succession strategy of grooming leaders from within” to strengthen its executive management further.

He is joining the board with over 25 years of cognate banking experience spanning credit and marketing, treasury, compliance, as well as operations and has at different times worked in various zones and departments of the lender.

Mr Okwudili graduated with a Bachelor of Science (Honours) in Accounting from the University of Maiduguri, Nigeria, in 1998, with a Second Class Upper Division. He obtained a Master’s of Business Administration (MBA) from Ahmadu Bello University, Zaria, Nigeria, in 2008 and a Master’s of Science in Accounting from Veritas University, Abuja, Nigeria, in 2021.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), 2013, and also a Fellow of the Chartered Institute of Bankers of Nigeria, 2024. He is an Associate of the Chartered Institute of Taxation of Nigeria (CITN), 2016.

The banker has attended several executive education programmes both within and outside the country, including Senior Leadership Development Programme at the Lagos Business School, Corporate Directorship Programme at the Harvard Business School and Oxford Advanced Management and Leadership Programme at the University of Oxford, SAID Business School.

He is currently the President of Catholic Bankers Association of Nigeria (CBAN) and a member of the Noble Order of the Knights of St. John International (KSJI).

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Fidelity Bank Plans Webinar on Fiscal Solutions for Public Sector

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By Aduragbemi Omiyale

A high-level virtual webinar focused on helping public institutions to strengthen revenue systems, improve fiscal transparency, and build smarter digital structures for collections, oversight, and accountability is being planned by Fidelity Bank Plc.

This event is slated for Tuesday, March 24, 2026, under the theme Digital Fiscal Transparency: Unlocking Sub-national Opportunities for International Partners.

The programme will bring together a cross-section of public sector leaders, development institutions, heads of parastatals and agencies, as well as financial experts, to explore practical solutions for stronger public finance management.

It is expected to offer timely insights into how modern revenue infrastructure can help institutions improve efficiency, drive accountability, and support better fiscal outcomes.

The webinar will address key issues facing many public institutions today, including revenue leakages, fragmented collection channels, weak visibility into revenue performance, poor reconciliation processes, and the growing need for more transparent and technology-driven systems.

“As public institutions seek ways to improve internally generated revenue and strengthen public trust, there has been a renewed focus on fiscal transparency.

“This is particularly important in the face of recent macro and micro economic developments with many public sector agencies under pressure to do more with limited resources,” the Divisional Head of Public Sector at Fidelity Bank, Mr Richard Madiebo, said.

“It is against this background that we have conceptualised this session with a particular focus on how digital platforms can support structured invoicing, seamless collections, payment automation, contractor disbursement transparency, real-time revenue oversight, amongst other pertinent areas of revenue mobilisation and administration in Nigeria,” he added.

“The webinar forms part of our commitment to provide practical solutions that support public sector transformation and stronger sub-national development. This is in line with Fidelity Bank’s mandate to help individuals to grow, businesses to thrive, and economies to prosper,” Mr Madiebo further disclosed.

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