Banking
Polaris Bank Battles for Survival Amid Growing Concerns
By Modupe Gbadeyanka
All seems not to be too well with Polaris Bank, the bridge bank set up to take over the assets and liabilities of now defunct Skye Bank Plc.
A new report by National Daily said the lender is fighting a serious battle for survival following customers panic over the sudden demise of Skye Bank.
Business Post reports that despite efforts being made by the management of Polaris Bank to assure its customers that nothing will happen to their money in its care, nobody wants to take the risk of leaving his hard-earned money with the financial institution.
This is because in the past, some people have had to kiss their money goodbye as a result of similar situation and those who were part of the collapsed banks walking on the streets as freemen.
In order not to be caught unawares, some customers of the defunct Skye Bank are reportedly taking their money out of Polaris Bank to safer banks, giving them the opportunity to have sound sleep and have nothing to worry about again for fear of the unknown.
It will be recalled that in a move that took bank customers and even shareholders and other financial industry stakeholders by surprise, the Central Bank of Nigeria (CBN), last month announced the winding up of business activities of the much harried and cash strapped, Skye Bank Plc.
The CBN admitted that as a result of the shaky outlook of the defunct Skye Bank, it had no option than to intervene because results of forensic audit of the bank’s books revealed that it required urgent recapitalisation as it could no longer continue to survive on life support (meaning indefinite liquidity support).
Whereas no one doubts the ability of the regulator to stabilise Polaris and save depositors of the new financial institution, shareholders are still confused as to the implications of what has happened.
It has been argued that the new bank will lose some customers (depositors) who are edgy about their deposits and have lost some trust in the old bank and by extension its successor. They will migrate to other banks.
The challenge of huge non-performing loans hanging over Polaris, industry observers believe cannot be wished away despite the huge amount the CBN has injected in the bank.
Details show that the CBN has injected over N1 trillion into the bank; the over N300 billion when it sacked and replaced its management and the recent intervention of N786 billion.
Meanwhile, industry analysts do not seem comfortable with the new arrangement given the developments of 2009 when the CBN under Sanusi Lamido Sanusi, the current Emir of Kano, Muhammadu Sanusi II.
Lagos based financial analyst and a senior lecturer at the prestigious Lagos Business School (LBS), Dr Adi Bongo, expressed discomfort with the emergence of Polaris Bank, adding that Skye Bank should never have been allowed to acquire Mainstreet Bank which was much bigger than her at that time.
However, Dr Afolabi Olowokere of Financial Derivatives Company limited held a contrary view, arguing that the liquidation option was capable of wrecking the financial system and cause confidence crisis.
‘’Depositors will lose their monies, there will huge job losses and the financial system can crash if the CBN fails to come in the way it did’’, he said.
Recall the bank erstwhile chairman of the collapsed bank, Mr Tunde Ayeni and another director, Mr Festus Fadeyi, had borrowed huge loans from the bank to run other business concerns, which have not been fully repaid.
By Aduragbemi Omiyale
The creative industry in Nigeria may have nothing to worry about with the likes of Stanbic IBTC Bank around the corner.
The financial institution, which has not hidden its love for the sector, has promised to continue with its strategic investment in the country’s designers and artists.
Speaking at an event, An Evening of Fashion, Art & Lifestyle, the Executive Director for Personal and Private Banking at Stanbic IBTC Bank, Mr Olu Delano, represented by the Head of its Private Banking Segment, Ms Layo Ilori-Olaogun, said the company was proud to be associated with the programme, which it also sponsored.
“At Stanbic IBTC, we recognise Nigeria’s creative sector as a vital driver of economic diversification, employment, and global cultural influence.
“We are proud to support the individuals behind these platforms that elevate African excellence and provide visionary talents the visibility that they deserve.
“Nights like this reaffirm our commitment to continued strategic investment in our artists and designers,” he stated.
The invitation-only ceremony, which was held at The Garden, Federal Palace Hotel, Victoria Island, Lagos, hosted by Africa’s leading luxury fashion house, 2207bytbally, in collaboration with the acclaimed art collective Torrista, brought together high-net-worth individuals, art collectors, designers, media personalities, and luxury brand executives for an unparalleled showcase of creativity and sophistication.
The evening opened with a breathtaking runway presentation featuring three signature segments from the Evolve collection by 2207bytbally: Denim, Ethnic, and 2207 Prints. Each piece exemplified the meticulous craftsmanship, bold innovation, and cultural storytelling that has established the brand as a standard-bearer in African luxury fashion.
Complementing the couture was a curated exhibition by Torrista, transforming the venue into an immersive gallery. Commissioned artworks exploring themes of culture, femininity, and evolution created a robust visual dialogue with the collections, demonstrating the seamless harmony that can result when fashion and fine art converge.
“This evening was about more than clothes or canvases; it was about showing the world that African creativity is limitless. When fashion and art share the same space, magic happens, and tonight, Lagos felt that magic,” the Creative Director of 2207bytbally, Tolu Bally, stated.
By Modupe Gbadeyanka
The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.
The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.
The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.
They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.
They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.
The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.
In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.
The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.
After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.
“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.
“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.
“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.
“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.
“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.
This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.
“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”
Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.
He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.
“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.
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