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CBN Yet to Register Polaris Bank, New Owner of Skye Bank

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CBN Yet to Register Polaris Bank, New Owner of Skye Bank

By Dipo Olowookere

The Central Bank of Nigeria (CBN) is yet to fully register Polaris Bank Limited, the bridge bank it announced for the defunct Skye Bank Plc, Business Post has confirmed.

Last Friday, the apex bank withdrew the operating license of Skye Bank after running its affairs for over two years.

The CBN Governor, Mr Godwin Emefiele, had disclosed that Polaris Bank Limited would take over the assets and liabilities of the collapsed financial institution.

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However, a check by Business Post on the registration status of Polaris Bank Ltd on Monday, September 24, 2018, showed that the bank was still undergoing registration with the Corporate Affairs Commission (CAC), the agency saddled with the responsibility of registering businesses in Nigeria.

A search on the online portal of the CAC showed that Polaris Bank Limited was yet to be assigned with a registration number.

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Though federal government claims business registration takes about 48 hours to complete, in reality, it sometimes takes a week to finish the process, going by few this newspaper has witnessed.

Efforts by Business Post to reach out to the CBN through its spokesman, Mr Isaac Okorafor, on why the bridge bank was not fully registered before taking over Skye Bank were futile.

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However, as at the time of filing this report, the former web address of Skye Bank Plc, www.skyebankng,com, was already redirecting to www.polarisbanklimited.com with the old name still visible on the new website as seen in the picture below.

CBN Yet to Register Polaris Bank, New Owner of Skye Bank

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Banking

Piggyvest Acquires Wealth Management App, Savi.ng

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Piggyvest Acquires

By Adedapo Adesanya

Top savings startup, Piggyvest, has acquired Savi.ng, a wealth management app that allowed users to save via various features like automated savings, fixed deposits, joint savings and PAYE.

This means that all existing Savi.ng users will be automatically migrated to Piggyvest and will continue the good work savi.ng team has started.

Explaining the build-up to the acquisition, Piggyvest revealed that it had spent the last six months preparing – laying foundations, building partnerships needed for the next phase of our growth.

“We have spent the last 6 months preparing —The first half of 2021 has been an intense building period for the entire Piggyvest team.

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“Earlier this year, we began discussions to acquire a savings and investment company, Savi.ng and all its assets and we are more than proud to announce today that the acquisition is now completed,” it disclosed.

The company noted that 2020 was an incredible year as it saw tremendous growth even in a pandemic year as it paid N90 billion to users in the course of the year.

The company noted that so far surpassed this number already in the first half of 2021 and this necessitated the need to expand with the acquirement of the savings and investment company.

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It noted, “We will continue to provide you with the best savings and investment options that we can, and you will continue to be part of a community of 3 million people (and counting!) in the Piggyvest family.

“All existing Savi.ng users will be automatically migrated to Piggyvest and we’ll continue the good work the savi.ng team has started. Our vision remains the same: financial freedom for all, and with this acquisition, we are a step closer.

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“We believe in a connected ecosystem and our mission to give everyone the power to better manage and grow their finances remains ever strong.

“Our parent company, Piggytech Global Limited, continues to grow with a suite of consumer-focused finance products. We will continue to announce them as the year moves along.

“This announcement is one in a long line of announcements, improvements and updates that we will have for you as we continue in 2021.”

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Banking

Fitch Affirms AfDB’s AAA Credit Rating

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AfDB Board

By Adedapo Adesanya

The global credit rating agency, Fitch Ratings, has affirmed the African Development Bank’s (AfDB) credit rating at “AAA”, with a stable outlook.

Fitch said the triple-A rating was driven by the extraordinary support of the bank’s shareholders.

Fitch said it views the bank’s risk-management policies as conservative and assesses them as excellent, in line with AAA-rated peers.

“Concentration risk is low, with the bank’s five largest exposures accounting for 32 per cent of total banking portfolio at end-2020,” Fitch said.

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The Vice President for Finance and Chief Finance Officer of the African Development Bank, Mr Bajabulile “Swazi” Tshabalala said, “the affirmation of the bank’s triple-A ratings by Fitch, recognizes the very strong shareholder support our institution benefits from, as well as its strong capitalisation and risk management capabilities.

“The affirmation also speaks to the importance of the Bank’s public policy mandate, particularly during these very challenging times.”

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The global rating agency assessed the bank’s overall exposure to risks as ‘Low,’ balancing ‘Moderate’ credit risk with ‘Excellent’ risk management policies, ‘Low’ concentration, and ‘Very Low’ equity and market risks.”

Commenting on the Fitch rating report, the AfDB President, Mr Akinwumi Adesina, said: “The African Development Bank welcomes the affirmation of the bank’s ‘AAA’ rating, with a stable outlook, despite enormous challenges posed by COVID-19.

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“The bank will continue to enhance its policy and fiscal relevance in support of regional member countries, as they contend with the global and regional repercussions of the pandemic.

“While helping African economies reposition their economies in a COVID-19 environment, we will also maintain our prudential ratios and adequate buffers.”

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Banking

15 Fidelity Bank Customers Share N39m in GAIM Promo

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15 Fidelity Bank Customers

By Ashemiriogwa Emmanuel

No fewer than 15 Fidelity Bank customers have gone home with N39 million in the Get Alert in Millions (GAIM 4) Season 4 savings promo of the financial institutions.

Two of the 15 lucky winners received N10 million each at the 6th/final draw of the campaign held last Thursday in Lagos in the presence of representatives of the National Lottery Commission and Federal Competition and Consumer Protection Commission.

The two latest two-digit millionaires; Sunday Okeke of Matori Branch Lagos and Justine Nwaozor of Suleja Branch, Niger State, emerged as star prize winners of the promo.

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According to Fidelity Bank, the duo and other winners were picked through a randomised and transparent draw system observed by the lottery and federal competition officials as well as officials of the bank.

Some of them were the Divisional Head of Product Development, Fidelity Bank Plc, Richard Madiebo; the Head of Savings Group, Fidelity Bank Plc, Ukpai Ibe; the Executive Director, Lagos & Southwest, Fidelity Bank Plc, Dr Ken Opara; amongst others.

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The cash prizes were in the categories of N10 million, N3 million, N2 million and N1 million. In addition, 18 consolation prizes of television sets, fridges and generators were given out during the draws.

The GAIM savings promo is one of the bank’s many initiatives aimed at rewarding new and existing customers for their consistent loyalty and patronage and promoting the culture of saving among Nigerians.

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It would be recalled that the promotion was halted in 2020 due to the Coronavirus (COVID-19) pandemic and the resulting global lockdown.

However, the resumption of the savings promo, according to the organisers, was an opportunity to enrich the lives of its customers even in times of economic uncertainties.

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