E-Financial
Customers Laud Polaris Bank Exclusive Banking Product
Polaris Bank, Nigeria’s leading Retail Bank has announced the launch of its exclusive banking product aimed at serving its High Net-worth Individuals (HNIs) seeking innovative investment options in challenging economic times.
The unveiling which took place in Ikoyi, Lagos, on Tuesday was attended by esteemed guests, industry experts, and corporate customers from across the country.
The exclusive banking proposition, designed to guide HNIs towards high-yield investment opportunities, received an overwhelmingly positive response from customers present at the launch with most of them offering their testimonials, and endorsements, to the value offered by the products.
A customer and Founding Partner of a Lagos-based Law Firm at the event Mrs. Damilola Adegbenro, noted, “Polaris Bank has provided me with personalized guidance and access to exclusive investment options, helping me navigate the complex financial landscape. I highly recommend the bank’s exclusive banking proposition.”
Another customer, Alhaji Dahiru Mustapha, a large-scale farmer, praised the bank’s commitment to customer satisfaction and its holistic approach to banking.
“What sets Polaris Bank apart is their attention to detail and the bank’s understanding of the diverse needs of HNIs. Not only has the bank guided me towards high-yield investment options, but its partnerships with leading brands in complementary services have also helped me to enjoy exclusive lifestyle privileges.
At the launch, experts from Partner brands across sectors discussed robust and available wealth management windows for HNIs and guests, providing attendees with valuable insights and expert advice. Some of the partners include MIXTA Africa represented by Andrea Cameron-Cole who spoke about the immense real estate investment vehicles available in Nigeria and across Africa; Toyin Deinde, Chief Operating Officer (COO) of Tangerine Africa spoke about available world-class health insurance HNIs could subscribe and benefit from being Polaris Bank’s Exclusive Banking customers.
A representative of VTA Global Services introduced to the guests the Citizenship by Investment service wherein interested enrollees and their dependents access Caribbean Passports that grant them easy mobility and passage to over 104 countries globally.
Abiona Babarinde, General Manager at Coscharis Motors availed guests and HNIs present, the latest top-range automobiles that could be acquired with facilities made available under the Polaris Exclusive proposition.
“The discounts and privileges offered by Polaris Bank truly reflect the bank’s understanding of our needs said Mr. Osinachi Nwachukwu, a prominent player and CEO of an estate company. “Their partnerships have added immense value to my banking relationship. I am thrilled to have access to such exclusive privileges.”
Earlier in the day, Mr. Segun Opeke Executive Director who represented Polaris Bank’s Managing Director/CEO, welcomed guests and HNIs, explaining, “Polaris Bank has partnered with leading brands to provide discounts and privileges across a range of lifestyle services and experiences. From luxury travel to fine dining, our customers, especially HNIs, can now enjoy the perks of their hard-earned success with our carefully curated offerings.”
Group Head of Products & Market Development, Adebimpe Ihekuna, expressing appreciation to the customers stating, “The positive feedback received serves as a motivating force to further innovate and deliver exceptional solutions in a rapidly changing financial landscape.” She further admonished customers to use the Bank’s VULTe digital platform as a one-stop shop to access the exclusive services offered by the Bank.
Polaris Bank was adjudged Digital Bank of the Year in 2021 and 2022 in BusinessDay’s Banks And Other Financial Institutions (BAFI) Awards. It also emerged as the best MSME Bank because of its ability to use technology to enable bottom-up support to the MSME sector.
Debt Management Office (DMO) said the federal government spent N3.14 trillion on servicing its domestic debt in the first quarter of 2026.
The office disclosed the data in its latest domestic debt service report for Q1 2026.
The figure comprises N2.97 trillion in interest payments and N169.68 billion in principal repayments.
The agency said in January, the government spent N741.82 billion on domestic debt service, while the figure rose to N967.67 billion in February.
Debt service increased further to N1.43 trillion in March, bringing the total for the quarter to N3.14 trillion.
The March figure was 47.7 percent higher than the N967.67 billion recorded in February and 92.7 percent above the N741.82 billion spent in January.
Also, the debt office said interest payments accounted for about 94.6 percent of total domestic debt service during the quarter.
The DMO said treasury bills accounted for the largest share of interest payments at N1 trillion, while interest on federal government bonds stood at N1.96 trillion.
The agency said the government also paid N4.24 billion in interest on FGN savings bonds during the period.
The DMO said the principal component of the debt service comprised N169.68 billion in repayments on local-denominated promissory notes.
Overall, the government’s domestic debt service rose sharply through the quarter, with March accounting for almost half of the N3.14 trillion spent between January and March.
Nigeria’s public debt increased by 0.01 percent to N159.35 trillion in the Q1 of 2026.
Interswitch Group, an integrated digital payments and commerce company, together with global banking software provider, Temenos have reassured the Central Bank of Nigeria (CBN) of their commitment to advancing the modernisation of Nigeria’s financial services sector.
Interswitch and Temenos had earlier in June announced a strategic partnership across Africa which would see Interswitch leverage Temenos solutions – across core banking, digital banking, payments, wealth management and financial crime mitigation – to provide cloud-hosted and on-premises managed services to banks and financial institutions across Africa.
This will enable institutions to progressively transform their banking platform and evolve to more customer-centric business models. The service will initially support key African markets including Nigeria, Ghana, Côte d’Ivoire, Kenya and others.
The recent regulatory visit to CBN headquarters in Abuja, was led by the Founder and Group Chief Executive Officer of Interswitch, Mitchell Elegbe, and Managing Director for the Middle East and Africa (MEA) at Temenos, Santhosh Rao, as part of the ongoing efforts by both organisations to deepen collaboration with Central Banks across the African region on the future of digital banking infrastructure across Nigeria and key African markets.
Discussions centred on the strategic partnership between Interswitch and Temenos, and how it will enable Nigerian financial institutions to progressively modernise their core banking platforms and transition to more customer-centric business models.
The two organisations also explored opportunities to work with the CBN in charting new frontiers in Central Bank Digital Currency (CBDC) innovation, leveraging resilient financial networks and decentralised application platforms to support the issuance and management of CBDCs.
Commenting on the visit, Elegbesaid: “Our partnership as Interswitch with Temenos and our continued engagement with the Central Bank of Nigeria reflect a shared commitment to building banking infrastructure that is resilient, inclusive, and ready for the next phase of Africa’s financial evolution.
We are proud to be at the table as these conversations shape the future of digital banking technology and innovation across key Africa markets…”
The Bank of Industry, through BOI Financing SPV Plc, has opened subscriptions for its inaugural Series 1 Fixed Rate Bond worth up to N250bn under its $1bn multi-currency instruments programme, seeking to raise long-term capital to finance businesses across Nigeria’s priority sectors.
The offer, which opened on 5 August and closes on 11 August, is being arranged by Chapel Hill Denham as the lead issuing house. The five-year bond is priced within a yield range of 17.35 per cent to 17.50 per cent and will be listed on the FMDQ Securities Exchange.
According to the offer document, proceeds from the issuance will be deployed to finance eligible businesses and projects across sectors, including agriculture and food processing, healthcare, engineering and technology, renewable energy, petrochemicals, oil and gas, creative industries and solid minerals, in line with BOI’s development finance mandate.
The lender said the financing is expected to improve access to medium and long-term funding for Nigerian enterprises, expand productive capacity, create and preserve jobs, deepen local value addition, support import substitution, boost exports and strengthen domestic value chains.
BOI, Nigeria’s foremost development finance institution, said it has provided funding to more than one million businesses across the country and disbursed over N1.27tn between 2023 and 2025. The institution operates across 34 states and the Federal Capital Territory and is jointly owned by the Ministry of Finance Incorporated and the Central Bank of Nigeria.
The bank also highlighted its financial performance, reporting a 36 per cent compound annual growth rate in gross earnings between 2021 and 2025.
Interest income rose 64 per cent to N884bn in 2025 from N538bn in the previous year, while its capital adequacy ratio stood at 39 per cent, nearly four times the regulatory minimum of 10 per cent. Its non-performing loan ratio was 1.7 per cent, below the CBN’s prudential limit of five per cent.
The bond has been assigned AAA ratings by Agusto & Co. and Intelligence Africa, reflecting the issuer’s strong capitalization, profitability, liquidity and ownership structure.
The issuance is open to institutional and qualified investors with a minimum subscription of N5m and additional investments in multiples of N1m. Interest will be paid semi-annually at a fixed rate, while principal repayment will begin in the third year through equal semi-annual amortised instalments until maturity in 2031.
The bond is also exempt from tax, making it an attractive investment option for investors seeking stable returns amid expectations of declining interest rates.
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