General News
Polaris Bank, Former Skye Bank Dead on Arrival- Analysts

The withdrawal of the operating license of Skye Bank Plc by the Central Bank of Nigeria (CBN) late September 2018 has continued to generate reactions from experts, analysts and observers.
Business Post reported that when the apex bank collapsed Skye Bank, it announced a bridge bank called Polaris Bank, retaining the management it appointed for the defunct lender in 2016 because it was impressed with their performance.
But some people who have chewed on the statement of the Mr Godwin Emefiele, the CBN Governor, on the establishment of the bridge bank, have described Polaris Bank “dead on arrival”.
According to Mr Emefiele, the license of Skye Bank Plc was withdrawn after noticing that despite its intervention for two years, the financial institution was still visiting the Standing Lending Facility (SLF), a window which allow banks to borrow from the CBN, as a result of liquidity challenges.
To avoid the monies of depositor going down the drain and because the bank was one of the Systemically Important Bank (SIB), the CBN decided to shut down the financial institution and name a new one using its structures, staffs and resources of Skye Bank Plc.
Mr Emefiele was quoted on Friday, September 21, saying that ‘the existing Board, Management and Staff of the defunct Skye Bank has been retained for its good performance’. According to him, Skye Bank Plc’s performance has improved considerably compared to the pre-July 2016 era.
However, there have been questions as to why the apex bank would revoke license of a bank with a performing management. It was understandable when the Mr Tunde Ayeni-led board was sacked by the central bank because the bank found itself in a non-performing loan mess estimated to be almost N700 billion.
The criss-cross in the statement of the CBN has thus seen questions being asked with no one ready to answer them.
There are some who said if the interim management set up by the CBN to manage Skye Bank for two years could not prevent its eventual fall, why keep the team to run the bridge bank.
Also, there are those who insist that there is more to the whole development, as they keep asking if the bank would have been put to rest if it was really doing well. There are also those who believe that the hands of the CBN Governor Emefiele might be tied, hence he is maintaining the set of management and board.

Whatever is the situation, one basic truth is that Polaris Bank in the hands of the same management that couldn’t salvage Skye Bank Plc is only poised to fail except of course if the Asset Management Company of Nigeria (AMCON) can quickly find a buyer before the invested N786 billion is known.
Explaining the consequences of the move by the apex bank, Tunde Biobaku, financial analyst said “when a bank is recapitalized, there is always the need to name a new board who will handle the new investment. If you use the same set of people, they will run down the business just like they initially did to make the bank need recapitalization in the first place, so what the CBN has done is very confusing because the same guys that couldn’t do well with Skye Bank are now managing Polaris Bank, the end result is already clear, crystal clear. They would leave Polaris Bank worse than they met it, you mark my words.”
Boniface Okezie, national coordinator, Progressive Shareholders Association of Nigeria (PSAN), said the CBN need to explain its actions to Nigerians for better understanding.
Okezie said the investors should not be allowed to suffer again for the misdeeds and mistakes of the regulations. He called on the Federal Government to investigate the incessant fall of banks in the country, adding that the past management and board of Skye Bank must be made to account of what led to the the bank’s misfortune.
Signs that the apex bank would move in to takeover the bank became obvious when it failed to declare its result under the mandatory window. The announcement of the takeover by CBN came like a surprise to many.
With the same old wine in a new bottle, it is hard to see a flourishing Polaris Bank in the near future, especially in the hands of Tokunbo Abiru, leader of the team.
General News
FG to Empower Artisans for Global Value

The Federal Government has reaffirmed its commitment to grassroots artisans to upgrade local skills to meet both national and international benchmarks and compete in the global markets.

Speaking recently during the Skill-Up Artisans (SUPA) zonal rally, Dr Afiz Ogun, director-general of the Industrial Training Fund (ITF), stated that the initiative is designed to professionalise the sector.
The rally was designed to raise awareness of the programme throughout the North-West region.
The rally saw a diverse turnout of professionals, including those in construction and engineering such as welders, fabricators, plumbers, and carpenters.
Those in the technical service comprised of electrical installers and automobile mechanics, while those in the creative and digital space were fashion designers and ICT technicians.
Represented by Muhammad Aminu, the former zonal director of the ITF, Ogun explained that the SUPA scheme seeks to convert traditional craftsmanship into sustainable livelihoods.
He emphasised that the goal is to transform artisans from job seekers into employers of labour.
“We are calling on artisans across the North-West to embrace the SUPA programme,” Ogun remarked. “This is an opportunity to enhance productivity, increase earnings, and ensure our workforce can compete on a global stage”.
According to the DG, the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, focusing on restoring dignity to manual and technical work.
He noted that a competent artisan class forms the essential foundation of a productive economy.
He further called upon traditional rulers, community leaders, and trade associations to assist the ITF in disseminating information about the programme to ensure high participation rates.
“We are here to engage the technicians, the tradespeople, and the young talents who serve as the backbone of our economy,” he added.
Nancy Ekong, director of the Technical Vocational Skills Training Department, highlighted the programme’s recent successes. She revealed that over 30,000 artisans were trained and upgraded during the initial SUPA cycle in 2025.
The ITF remains optimistic that the continued expansion of SUPA will bridge the existing skills gap in Nigeria’s industrial sector.
General News
Pawnith Appoints Martina Ogbebor as Managing Director to Lead Strategic Launch into Nigeria’s Fintech Ecosystem

The Board of Directors of Pawnith Limited has announced the appointment of Martina Ogbebor as Managing Director and Chief Executive Officer. The appointment coincides with the official launch of Pawnith as a sophisticated new entrant in Nigeria’s financial services and alternative investment landscape.

Pawnith Limited is a technology-enabled financial services platform established to address critical gaps in access to capital by delivering transparent, dignified, and scalable financing solutions.
The Board confirmed that Ms. Ogbebor’s appointment is central to a long-term strategy that combines the operational rigor of traditional finance with the speed, efficiency, and innovation of modern fintech.
Ms. Ogbebor brings over 15 years of senior leadership experience across the telecommunications and digital infrastructure sectors, where she has led brand transformations and nationwide revenue growth initiatives.
Her appointment signals Pawnith’s intent to build a high-trust financial institution anchored on strong governance, regulatory discipline, and long-term value creation.
“The Board is confident that Martina’s experience in building high-trust, regulated brands positions her uniquely to lead Pawnith at this critical stage,” said the Chairman of the Board.
“Her mandate is clear: to establish a disciplined capital platform that delivers rapid access to funding while upholding the highest standards of ethics, risk management, and corporate governance.”
Under Ms. Ogbebor’s leadership, Pawnith is launching a multi-segment capital model designed to evolve into a comprehensive financial services and alternative investment ecosystem.
The company’s initial portfolio spans personal credit solutions, offering short- to medium-term loans for salaried professionals with transparent pricing and rapid disbursement, alongside SME and business lending focused on working capital and growth financing to help entrepreneurs stabilise cash flow and scale operations.
The portfolio also includes asset-backed lending, providing secure, collateralised facilities that support fair valuations and flexible liquidity, as well as structured lending through a forthcoming private credit arm aimed at delivering institutional-grade financing to growing enterprises.
In addition, Pawnith offers private equity investment solutions, providing strategic growth capital to select businesses and partnering with founders to drive long-term value creation, stronger governance, and operational scale.
Pawnith’s digital infrastructure prioritises speed, security, and control. The platform features secure onboarding, automated Know Your Customer (KYC) verification, and structured repayment tracking to ensure a seamless and compliant experience for both individual and corporate clients.
“Pawnith is being built as a disciplined financial platform—one that customers, partners, and regulators can trust,” the Board added. “We are not a quick-win lender; we are building a cornerstone institution for Nigeria’s evolving credit and investment market.”
General News
PalmPay Deepens Its Long-Term Commitment in Nigeria with New Office @ Yaba

PalmPay has opened a new office at 33 Old Yaba Road, Lagos, reinforcing its commitment to innovation, customer service, and operational growth in Nigeria.

The new office represents a continued investment in PalmPay’s people, operations, and infrastructure, supporting the company’s ability to deliver reliable financial services at scale. Designed to accommodate PalmPay’s growing team, the workspace enables closer cross-functional collaboration while strengthening service delivery nationwide. Located in Yaba, one of Lagos’s most established commercial and technology corridors, the office further anchors PalmPay within Nigeria’s innovation and financial ecosystem.
Speaking at the office launch, Managing Director Chika Nwosu highlighted that the new workspace reflects PalmPay’s long-term vision and dedication to excellence. “This new office represents an important step in our growth journey and our commitment to building secure, reliable, and inclusive financial solutions for our users,” he said.
The launch event was attended by PalmPay’s leadership team, employees and customers, who toured the facility and marked the company’s continued growth and progress.
With the opening of its office at 33 Old Yaba Road, PalmPay continues to strengthen its presence in Nigeria and reaffirm its mission to drive financial inclusion through innovative digital solutions.
PalmPay is a leading digital banking platform driving financial inclusion and economic empowerment in underserved emerging markets. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay empowers individuals and businesses with tools to manage and grow their money.
PalmPay offers a comprehensive range of products, including mobile payments, savings, and micro-insurance via its app and mobile money agent network.
Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 35 million app users and processes up to 15 million transactions daily. PalmPay has operations in Nigeria, Ghana, Tanzania, and Bangladesh.
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