Connect with us


Over 100 Polaris Bank Staff Lament Unpaid Salaries, Threaten To Shut Down Bank’s Operations Nationwide



Polaris Bank Plc logo

For Polaris Bank Limited, it’s a story of one day, one trouble as the bank, which is currently being troubled over its controversial sale, is in the news again for the wrong reasons.

It was reported that ahead of Nigeria’s anticipated political transition, with president-elect Bola Tinubu’s inauguration scheduled for 29 May, speculation is mounting over the fate of the bank, as the incoming helmsman, is said to be gearing up to reverse its controversial sale.

Recall, that in October 2022, the CBN sold the bank for a paltry N40 billion under controversial circumstances, after sinking over N1.2 trillion into it. Predictably, it triggered a wave of allegations: lawmakers, trade unions, and other opponents of the deal all cried foul. The apex bank, it was gathered, sold the bank to Strategic Capital Investment Limited (SCIL), said to be promoted by Auwal Lawan Abdullahi, a son-in-law of Ibrahim Babangida who holds the Sarkin Sudan Gombe traditional title from the north-eastern state, despite his limited credentials in banking and finance. The sale meant that Nigerian taxpayers lost around 97 per cent of state investment in Polaris. As of December 2020, AMCON investment in the bank stood at N848 billion, per company filings, with insiders saying an additional N350 billion was poured in between January 2021 and July 2022.

As the crisis continues to bedevil the bank, some customers of the bank especially small and medium enterprises are reportedly taking their money out to safer banks over fear of imminent distress.

According to inside sources in the bank, lately the bank has lost some customers (depositors) who are edgy about their deposits and have lost trust in the bank because of huge job losses and unethical industrial practices currently going on in the bank.

Investigations by this platform revealed that for the second month, over 100 branch managers of the bank are placed on suspension without pay for having non performing loan ratio above 5%.

However, it was gathered that these loans were duly approved and interests earned by the bank. Some of the managers told our correspondent that they did not book most of the loans but the loans were referred and booked by other senior staff who are walking about freely.

According to labour laws, suspension of a worker without pay should not exceed two weeks but the bank initially issued letters of suspension for 30 days. After the expiration, the suspension without pay continued for two months without further advise to the staff.

According to our sources, management has insisted that staff on suspension must come to work daily and are drilled for performance review on a daily basis with the managing director presiding over the weekly meetings which last late into the nights.

Industry watchers insisted that the move by the management of the bank showed that all is not well within the system and the managers may have been victims of scapegoats’ due to imminent distress in the system.

Our investigations revealed that because of the obvious signs of distress in the bank, a number of individuals and SMEs have closed their accounts with the bank and moved their deposits to safer banks.

Some aggrieved staff of the bank have sued the bank before the National Industrial Court in Lagos and Abuja. Some of the aggrieved staff have also declared a mass protest against the bank next week. They have also threatened to cripple the bank’s activities nationwide from next week.


Massive Mele Kyari Must Go Protest Rocks Warri As Niger Deltans Want Tinubu To Sack, Probe NNPCL’s GCEO




Protest Scene

Niger Delta people in their numbers stormed the streets in a peaceful protest rally calling on President Bol

a Ahmed Tinubu to immediately sack and probe Engr. Mele Kyari, the Group Chief Executive Officer Of the Nigerian National Petroleum Company Limited (NNPCL).

The protesters yesterday matched through the major Warri\Sapele Road to the Warri zonal office the Nigeria National Petroleum Company Limited (NNPCL) and Department of Petroleum Resources (DPR), Delta State.

The rally was organised by 26 youth and civil society organisations (CSOs) under the umbrella of the Niger-Delta Coalition.

Some of the leaders included the National Coordinator, Niger Delta Youth Alliance (NDYA), Comrade Oris Bakpa; the President, Niger Delta Youth Empowerment Network (NDYEN), Comrade Elvis Abebiyein; the Regional Coordinator, South-South United Youth Association (SSUYA), Comrade Peter Okprgboro; the National Chairwoman, Niger Delta Women for Change (NDWC), Comrade Bridget Oghenekohwo, among others.

The Coalition said, “We, the Niger-Delta Coalition, a conglomerate comprising 26 dynamic youth associations, in conjunction with several distinguished Civil Society Organizations (CSOs)
and Non-Governmental Organizations (NGOs), stand united in expressing our profound apprehension regarding the alleged financial improprieties, misuse of authority, lack of vision, poor performance and autocratic conduct exhibited by Engr. Mele Kyari during his tenure as the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL).

“As concerned and dedicated citizens of the Niger-Delta region, we fervently implore
President Bola Ahmed Tinubu to take immediate action to remove him from office and
institute a comprehensive inquiry into his conducts.
Nigeria is often characterized as a nation blessed with abundant oil resources.


“Nevertheless, a glaring deficiency within the NNPC is the presence of dormant refineries scattered across the country”, the protesters said.

The Niger Deltans noted that the NNPC boasts of four refineries, two in Port Harcourt and one each in Warri and Kaduna, but regrettably, “despite the staggering allocation of 100 bilion Naira for refinery rehabilitation in 2022, these facilities, with a combined production capacity of 445,000 barrels per day, have failed to produce any refined products for the past several years.

“This lamentable situation has forced Nigeria, the continent’s largest oil producer, to
heavily depend on imported petroleum products due to the NNPC’s inability to operate
its refineries efficiently.

“As a result, the nation’s economic backbone is irrefutably tethered to fuel prices and supply. As expected, a disruption in this vital sector would undoubtedly plunge the entire economy into a state of peril, a scenario we are already

“The adverse ripple effect of this heavy reliance on the oil industry is unmistakable visible in Nigeria’s inflation rate, which reached a staggering 25.80% in August of this year.

“The implications of such high inflation figures are far-reaching, encompassing elevated living costs, discouraging business environment, and a palpable instability in the nation’s overall economic health. Such an extraordinary inflation rate is categorically unsustainable, and it poses a grave threat to the nation’s well-being”, the protesting people of the oil-rich region said.

Furthermore, the groups alleged that “irregularities in the awarding of oil production contracts have cast a shadow of opacity over remittances to the Federation Account, giving rise to grave concerns about transparency and accountability in these financial transactions.

“Likewise, the dubious procurement of pipeline surveillance contracts, void of a transparent selection process, has sparked a multitude of questions about the responsible management of these critical responsibilities.

“As a collective of concerned
and dedicated Niger-Deltans, we vow to uphold the law and employ peaceful demonstrations as a means to beseech President Bola Ahmed Tinubu to remove Engr. Mele Kyari from his position and launch an investigation into the leadership and management of NNPCL under his stewardship, specifically addressing the urgent issue of refinery revitalization.

“The lack of pump price regulations and mismanagement of the post subsidy regime has led to fuel price being sold at over 700 naira per liter in some parts of the Nation”, the protesters observed.

In conclusion, the protesters noted that “it is palpably evident that under the leadership of Engr. Mele Kyari, there has been no discernible surge in oil production and remittances to the Federation Account.

“We implore President Bola Ahmed Tinubu to take decisive action, relieving him of his role and instigating the much-needed transformation of our beleaguered refineries, ultimately mitigating Nigeria’s reliance on fuel imports.

“Enough is Enough! Mele Kyari Must Go and must be Probed”, the protesters concluded.

Continue Reading


Mega Awareness 2023