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Polaris Bank, Former Skye Bank Dead on Arrival- Analysts

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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According to Mr Emefiele, the license of Skye Bank Plc was withdrawn after noticing that despite its intervention for two years, the financial institution was still visiting the Standing Lending Facility (SLF), a window which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.

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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.


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WHO Says Ebola Risk Now at Highest Level

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World Health Organisation (WHO), yesterday, said that Ebola outbreak is “very high” but added that the global risk remains “low”.

WHO Says Ebola Risk Now at Highest Level

So far, 82 cases and seven deaths have been confirmed in the Democratic Republic of Congo (DRC), but WHO, said, the real scale of the outbreak is likely far larger, with nearly 750 suspected cases and 177 suspected deaths reported

Tedros Adhanom Ghebreyesus, chief, WHO, said the situation was “deeply worrisome”.

He said there were now nearly 750 suspected cases in the DR Congo and 177 suspected deaths, as health workers scramble to track down contacts of everyone thought to be infected with the virus.

“The Ebola outbreak in the Democratic Republic of the Congo is spreading rapidly,” he told a press conference.

“So far, 82 cases have been confirmed in DRC, with seven confirmed deaths.

“But we know in people who travelled from DRC and one death.

Measures to address the epidemic in DRC are much larger.

There are now almost 750 suspected cases and 177 suspected deaths.”

He said the situation in Uganda was “stable”, with two cases confirmed in Uganda, including “intense contact tracing” and calling off the Martyrs’ Day commemorations, “appear to have been effective in preventing the further spread of the virus”, Tedros added.

While a US national who was working in the DRC has tested positive and been transferred to Germany for care, Tedros said another US national deemed to be a high-risk contact had been transferred to the Czech Republic.

Besides national staff already in the DRC, he said 22 international staff had been deployed to the field, “including some of our most experienced people”.

Tedros said that violence and insecurity were impeding the response to the outbreak in the DRC.

“We are now revising our risk assessment to very high at the national level, high at the regional level, and low at the global level.

“So far, 82 cases have been confirmed in DRC, with seven confirmed deaths.

“But we know the epidemic in DRC is much larger. There are now almost 750 suspected cases and 177 suspected deaths.

“The situation in Uganda is stable, with two cases confirmed in people who travelled from DRC, with one death.”

Tedros said that violence and insecurity were impeding the response to the outbreak.

 

 


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Army Acquires New Drones to Boost Surveillance, Precision Strikes — COAS

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Nigerian Army has acquired additional drones and other advanced force multipliers to strengthen surveillance operations, improve target acquisition, and enhance precision strike and casualty evacuation capabilities.

Army Acquires New Drones to Boost Surveillance, Precision Strikes — COAS

Lt.-Gen. Waidi Shaibu, chief of Army Staff (COAS), said that the new drones will boost surveillance, precision strikes.

Shaibu, who disclosed this in a statement shared via the Nigerian Army’s official X handle, noted that the conference provided a platform for critical assessment of ongoing operations and the development of forward-looking strategies to address Nigeria’s evolving security challenges.

He said deliberations at the Nigerian Army Conference Centre, Asokoro, focused on sharpening operational responses, strengthening training frameworks and adapting to the demands of modern security warfare.

According to him, the resolutions reached are aimed at building a more agile, combat-ready, technologically driven and mission-oriented force capable of responding effectively to emerging threats.

A key highlight of the reforms is the Army’s increasing investment in modern warfare technology, including the acquisition of additional tactical drones and the reconfiguration of Army aviation assets for combat roles.

Shaibu explained that these developments have significantly enhanced intelligence gathering, precision targeting, operational mobility and casualty evacuation across various theatres of operation.

He also highlighted ongoing improvements in recruitment, advanced training, professional military education and leadership development, stressing that discipline, competence and meritocracy remain central to building a stronger institution.

Reaffirming his “soldier-first” philosophy, the COAS said troop welfare remains a top priority, stressing that “troop welfare remains non-negotiable; well-motivated soldiers operating in conducive environments are critical to mission success.”

He urged senior officers to ensure that resolutions from the conference are fully implemented in field operations, stressing that the true value of the gathering lies in measurable impact on the battlefield.

Describing the ongoing reforms, Shaibu said: “We are not just reforming the Army; we are building a lethal, technology-driven fighting force where only discipline, merit, and mission success matter.”

The Army Chief expressed appreciation to President Bola Ahmed Tinubu for his support, as well as the Minister of Defence, Minister of State for Defence, Chief of Defence Staff, service chiefs and intelligence agencies for their continued collaboration.

The conference ended with the presentation of commendation plaques to senior officers recognized for outstanding contributions to operational effectiveness.

 


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UK Special Envoy for Freedom of Religion or Belief Concludes Visit to Nigeria

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The UK Special Envoy for Freedom of Religion or Belief (FoRB), David Smith MP, concluded a three-day visit to Abuja this week, marking Nigeria as the first focus country he has visited under the UK’s FoRB strategy.

During the visit, David Smith MP held a wide range of meetings with senior Nigerian government officials, religious leaders, civil society organisations, and local communities – reflecting the UK’s commitment to sustained, practical engagement and partnership on freedom of religion or belief in Nigeria.

Meetings included discussions with the National Security Adviser, Mallam Nuhu Ribadu, the Honourable Minister of Information and National Orientation, Mohammed Idris, and the Governor of Plateau State, Caleb Mutfwang.

The Special Envoy also met with the co-chairs of the Nigeria Inter-Religious Council, Archbishop Daniel Okoh, President of the Christian Association of Nigeria, and HRH the Sultan of Sokoto, Muhammadu Sa’ad Abubakar III, President-General of the National Supreme Council for Islamic Affairs.

At the end of the visit, the UK Special Envoy for Freedom of Religion or Belief, David Smith MP, said: “Over the past few days, I have been honoured to meet a wide range of people — from senior government figures and civil society to faith leaders and local communities. I came to listen, learn, and see both how freedom of religion or belief is experienced in everyday life, and how it connects to – and is a core part of addressing – Nigeria’s wider challenges around security and cohesion.

“Some of the most powerful moments of this visit were at community level. Visiting Father Emmanuel Unamba’s parish and meeting Christian and Muslim neighbours living side by side was a real reminder that peaceful coexistence is something people build every day through leadership, dialogue, and shared responsibility.

“What I take away from this visit is the importance of further progress being Nigerian led, rooted in strong institutions and inclusive dialogue, with FoRB at its heart. The UK will continue to support practical efforts in ensuring greater peace, security and prosperity for all.”

The visit also included a roundtable with partners of the UK’s Strengthening Peace and Resilience in Nigeria (SPRiNG) programme, a £38 million UK government-funded conflict and resilience programme operating primarily in Kaduna, Katsina, Benue and Plateau states.

During the visit, Special Envoy David Smith MP held meetings with the Institute for Peace and Conflict Resolution, the Nigerian National Human Rights Commission, and civil society organisations working at the intersection of insecurity and religious freedom. He also visited the National Mosque and the National Ecumenical Centre in Abuja.

Speaking to the various stakeholders, Mr Smith called for greater tolerance across religion or belief in Nigeria and hoped that the cohesion he saw on a community level in the capital, could be achieved nation-wide with the same resolve. He hoped to continue these dialogues with interlocutors in the UK.

The visit builds on the momentum of President Tinubu’s State Visit to the United Kingdom in March 2026, which reinforced the UK-Nigeria Strategic Partnership and included interfaith events attended by President Tinubu and His Majesty The King, underlining both countries’ shared commitment to fostering constructive interfaith dialogue.


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