• About Us
  • Contact Us
  • Privacy Policy
  • Disclaimer
Saturday, June 10, 2023
  • Login
The Daily Reality
  • Home
  • News
  • Opinion
  • Politics
  • Entertainment
    • All
    • Sports
    Breaking: Lionel Messi joins American side, Inter Miami

    Breaking: Lionel Messi joins American side, Inter Miami

    Iconic Zlatan Ibrahimovic retires from football

    Iconic Zlatan Ibrahimovic retires from football

    Can Borussia Dortmund recover from this heartache? 

    Can Borussia Dortmund recover from this heartache? 

    Of football, racism and hypocrisy

    Of football, racism and hypocrisy

    Tribute to the Saint of films

    Tribute to the Saint of films

    Arsenal’s Premier League title challenge: A glass half full or half empty?

    Arsenal’s Premier League title challenge: A glass half full or half empty?

    It’s all to play for at the Etihad Stadium

    It’s all to play for at the Etihad Stadium

    The Origins of the Onomatopoeic Intertextuality of Hausa Popular Culture

    The Origins of the Onomatopoeic Intertextuality of Hausa Popular Culture

    PSG: Lionel Messi gets partly paid in cryptocurrency

    Shocking: PSG suspend Messi

    • Entertainment
  • Local
  • Education
  • International
  • Kannywood
  • Religion
  • Sports
No Result
View All Result
  • Home
  • News
  • Opinion
  • Politics
  • Entertainment
    • All
    • Sports
    Breaking: Lionel Messi joins American side, Inter Miami

    Breaking: Lionel Messi joins American side, Inter Miami

    Iconic Zlatan Ibrahimovic retires from football

    Iconic Zlatan Ibrahimovic retires from football

    Can Borussia Dortmund recover from this heartache? 

    Can Borussia Dortmund recover from this heartache? 

    Of football, racism and hypocrisy

    Of football, racism and hypocrisy

    Tribute to the Saint of films

    Tribute to the Saint of films

    Arsenal’s Premier League title challenge: A glass half full or half empty?

    Arsenal’s Premier League title challenge: A glass half full or half empty?

    It’s all to play for at the Etihad Stadium

    It’s all to play for at the Etihad Stadium

    The Origins of the Onomatopoeic Intertextuality of Hausa Popular Culture

    The Origins of the Onomatopoeic Intertextuality of Hausa Popular Culture

    PSG: Lionel Messi gets partly paid in cryptocurrency

    Shocking: PSG suspend Messi

    • Entertainment
  • Local
  • Education
  • International
  • Kannywood
  • Religion
  • Sports
No Result
View All Result
The Daily Reality
No Result
View All Result
Home Business

We’ve completed selling Polaris Bank to SCIL—CBN

Admin by Admin
21 October 2022
in Business, National, News
0
CBN abandons non-interest loan facility for Nigerian Muslims
0
SHARES
9
VIEWS
Share on FacebookShare on Twitter

By Muhammadu Sabiu

A new core investor, Strategic Capital Investment Limited (SCIL), has finished the processes involved in purchasing or acquiring Polaris Bank from the Central Bank of Nigeria (CBN).

In a statement, Osita Nwanisobi, the CBN’s director of corporate communications, said that the investment business received 100% stock holdings in Polaris Bank.

SCIL reportedly paid N50 billion upfront to purchase the shares, according to the statement released on Thursday. 

Since the apex bank intervened to suspend the former Skye Bank Plc’s licence in 2018 and established a bridge bank to take over its assets and some of its liabilities, the bank has been operating as a bridge bank.

CBN Governor Mr Godwin Emefiele was quoted as saying, “This sale marks the completion of a landmark intervention in a strategic institution in the Nigerian banking sector by the CBN and AMCON. We commend the outgoing board and management for their vital role since the bridge bank was established; in stabilising the Bank’s operations and its balance sheet and implementing strong governance structures to address the issues that led to the intervention.

“This process has provided the CBN with an unprecedented opportunity to recover its intervention funds in full and promote financial stability and inclusive growth. We wish SCIL well as they implement growth plans to build the bank from the strong foundations that have been established.”

See also  The North is Nigeria's vote bank 

Meanwhile, it can be recalled that Polaris Bank was recently enmeshed in a controversial drama characterised by a viral screenshot of an email allegedly from a supervisor of the bank, in which some Muslim employees were queried for attending a Juma’at service.

The email provoked an uproar from the Muslim faithful and forced a number of them to withdraw their money from the bank.

Tags: AMCONCentral Bank of NigeriaNigeriaPolaris Bank
Previous Post

Our lives are in danger – Zamfara journalists raise concern

Next Post

David Mark loses son to cancer

Next Post
David Mark loses son to cancer

David Mark loses son to cancer

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

UK rolls out plans to deny entry for students’ dependents

3 weeks ago
FUL students struggle with accomodation issues

FUL students struggle with accomodation issues

7 months ago

Popular News

  • Kano: Governor Abba flags off open heart surgery

    Kano: Governor Abba flags off open heart surgery

    0 shares
    Share 0 Tweet 0

Connect with us

Facebook Twitter
The Daily Reality

The Daily Reality

The Daily Reality is an online news medium with a physical address in Kano State, Nigeria. As our name suggests, we aim to be realistic and truthful to our readers. Moreover, we are an independent, non-partisan company. Thus, we will always do our best to be fair, factual and accurate in our journalism.

Follow us on social media

Category

  • Business (86)
  • Education (332)
  • Engausa (11)
  • Entertainment (39)
  • Health (73)
  • International (203)
  • Kannywood (43)
  • Lifestyle (64)
  • Literature (42)
  • Local (340)
  • National (417)
  • News (1,427)
  • Opinion (1,160)
  • Politics (437)
  • Religion (192)
  • Science (19)
  • Security (51)
  • Sports (50)
  • Technology (71)
  • Travel (6)
  • Uncategorized (1)
Tinubu ready to address underdevelopment issues – Osun ex-governor

President Tinubu, please do no harm

10 June 2023
Education crisis looms in Bauchi 

Education crisis looms in Bauchi 

10 June 2023
Book Review: Nigeria Unlocked

Book Review: Nigeria Unlocked

10 June 2023

© 2022 The Daily Reality - Powered by EasyLife Creative Studio.

No Result
View All Result
  • Home
  • News
  • Opinion
  • Politics
  • Business
  • National
  • Entertainment
  • International
    • Kannywood

© 2022 The Daily Reality - Powered by EasyLife Creative Studio.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In