Polaris Bank

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.”

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.

By Ahmad Deedat Zakari

Muslim Rights Concern, MURIC, a Muslim rights organization, has asked Polaris Bank to apologize to Muslims or face a boycott.

MURIC, in a statement released on Friday signed by its Director, Professor Ishaq Akintola, issued an ultimatum demanding an unreserved apology to Muslims from the management of Polaris Bank.

The rights group said the refusal of the bank to tender an apology within seven days would make Muslim customers of the bank boycott the bank’s financial services.

Recall that The Daily Reality reported that in a leaked email to the bank’s members of staff, a supervisor at the bank, Damilola Adebara, had ordered the workers not to leave their duty post to attend Jumu’ah prayers on Friday.

Although the management had issued a statement stating that the supervisor acted in ignorance, MURIC is convinced and argued that it was a deliberate attempt to make the policies of the bank unfavourable to the Muslim staffers in the bank.

Part of MURIC statement reads: “Damilola Adebara’s mail is a flagrant contravention of Section 38 (i)&ii) of the 1999 Constitution of the Federal Republic of Nigeria which says, ‘Every person shall be entitled to freedom of thought, conscience and religion, including the freedom to change his religion or belief, and freedom (either alone or in community with others, and in public or in private) to manifest and propagate his religion or belief in worship, teaching, practice and observance. The leaked mail was greeted with outrage, bewilderment and nausea among Nigerian Muslims. Unfortunately, the bank’s response to the concern of Muslims was not good enough. It was mild, vague, escapist and deceitful. Polaris Bank had said, ‘The said staff had acted in ignorance, and we have since addressed the issue internally.”

MURIC also said an unpretentious apology to Muslims and the suspension of the erring supervisor is the only thing that can remedy the situation and assuage the pains and trauma the leaked email caused Muslims.

“That apology should be tendered within seven days from today, Friday, 14th October 2022, failing which Muslim customers may start boycotting the bank. Nigerian Muslims deserve dignified treatment as homo sapiens compos mentis.

Secondly, the first offender, Damilola Adebara, must go on a few days’ suspension. There must be consequences for unprofessional behaviour. On her return from suspension, she must withdraw the memo sent to all Muslim staff,” the statement adds.

By Uzair Adam Imam

Many people were outraged by the Polaris Bank Ltd directive, Tuesday that laid a strong warning against its Muslim staff to desist going to Friday prayer.

The Daily Reality reported that there had been growing anxiety among the Muslim employees as the order did not sit well with them.

The management of the bank, in an email to its Muslim employees, said going to the mosque for Friday prayer contradicts the policy of the bank.

However, a statement issued and signed by the Group Head, Strategic Brand Management, Nduneche Ezurike, said the incident involved one staff and her supervisor and has already been addressed.

Customers’ rage

The management of the bank was under fire as the concerned citizens, who couldn’t make sense of the directive, threatened to stop using the bank.

Abdallah Aliyu Uba said, “We’re doing all the needful to successfully withdraw all our money from the bank.”

Idrees Omar stated, “Polaris bank beats the drum and definitely, our Muslim brothers, will teach them lessons. This carries strong messages to the bank that Islam in Nigeria is beyond intimidation.”

Shehu Bello said, “Polaris bank will receive our strong messages that, Islam in Nigeria is beyond intimidation by any means.”

Ayuba Musa Garba stated, “By God’s grace as of now I decided to stop using this bank”

Mas’udu Musa said, ‘By God’s grace as of now I decided to stop using this bank.”

I resigned from my work over the ban on prayer

One of the employees of the Dimond Bank, Yusuf Shehu, has recounted how he resigned from his job over a ban on prayers by the bank.

Shehu said, “This applies to all banks in Nigeria except Zenith and Union Bank.

“This happened to me during my days in Diamond Bank. I had to beg, kneeling for my supervisor before She could allow me to go and pray.

“One of my colleagues was issued a Memo like this too. In the Banking industry, you have to worship your Supervisor like a god. God forbid. It’s my reason I left too,” he said.

By Uzair Adam Imam

There was a growing anxiety in Polaris Bank LTD as Muslim employees were cautioned against attending Friday prayer.

The strong warning by the bank management was via an email sent by one Damilola I. Adebara to the Muslim employees on Tuesday, saying going to the mosque contradicts the policy of the bank.

The development, putting in mind that any citizen is entitled to a right to religion, does not sit well with many of the Muslim employees whose eyes gloated through the email in dismay.

One of the employees who spoke to The Daily Reality through a phone call said the same issue happened just recently with one female employee who was warned against going for the prayer by her Christian supervisor.

The email that goes viral reads: “It has been observed that on Friday, you leave your work desks to attend Juma’at service bearing in mind the impact of your absence on workflow and productivity of Yes Center.

“Kindly note that there is no provision made anywhere in the bank policy for employees to attend any religious activity during work hours.

“Going forward such permissions would not be granted on the Yes Center platform and any infrastructure of this directive would be dealt with accordingly,” the bank instructed.

A legal practitioner in Kano, Barrister Abubakar Saleh, told our reporter that the bank’s directive is against the constitutional provision of the right to religion.

He said, “The constitution of the Federal Republic of Nigeria has entitled any citizen the right to religion. For that, it is wrong for the bank to rob the employees of their rights and freedom of religion.”

Also, Sheikh Abubakar Ayuba Tangimi, lambasted the bank’s directive, saying Jumu’ah prayer is obligatory to any male Muslim.

He quoted, “Ibn Qayyum in his book Zadul Ma’ad said Juma’at prayer is compulsory to any Muslim adult. He was of the opinion that if anyone misses a single Juma’a prayer has wronged his creator.”

By Engr. Ibrahim Nasidi Saal

An Akwa Ibom State High Court has ordered Polaris Bank to pay a customer N500,000 as damages for the bank’s failure to reverse a failed Point of Sales (POS) transaction within 72 hours as provided by law.

The plaintiff, Idongesit Nwoko, is a civil servant in Akwa Ibom and a Polaris Bank customer. She made a withdrawal of N61,000 via POS on December 24, 2020, but was debited without payment.

Mrs Nwoko said she made several efforts, including several visits to the bank, but the debit was not reversed until after 28 days. Dissatisfied with the way she was treated by the bank, the woman, through her lawyer, Utibe Nwoko, sued Polaris Bank.

Mrs Nwoko asked the court to compel the bank to refund her N61,000. She also asked the court to compel the bank to pay her N100 million as damages and N1 million as cost of her legal action.

Justice Bennett Ilaumo, in her ruling, ordered the bank to pay N500,000 as damages to Mrs Nwoko for failing to reverse the transaction within the 72 hours as provided by the law.

The Defence lawyer Anthony Ebuk, told The daily reality source on Wednesday, that his client would appeal the ruling.

Mr Ebuk, who said the court cannot amend the pleadings of a party in a suit, argued that the plaintiff, in her prayers, asked the court to order the return of her money, pay her damages for her money that ‘was lost’ and pay her the cost of legal action.

He said the plaintiff did not ask for payment of damages for the delayed reversal which the court awarded to her.

He further said that his client returned the said money to the customer’s account within the 16 days allowed by the law for such transactions.

Mr Ebuk said the plaintiff later withdrew the money before approaching the court.

According to Mr Ebuk, the judgment was not based on the pleadings of the party, but on “a total misdirection of fact.”

“The judgment was not the true position of the law. It wasn’t the terms of agreement. There was no hearing in that matter. Everything was totally against the rule of practice and the law.

“The plaintiff tried to withdraw money with a Polaris Bank Automated Teller Machine (ATM) card, but she did not go to Polaris Bank. She went to another bank’s POS. Going to another bank’s POS, that bank debited her account from Polaris Bank but did not pay her.

“The law is if you come to Polaris Bank with its bank card it should be reversed immediately or within 24 hours, but when it has to do with a third party bank, you have to file an application before the money is reversed to the owner.

“The law allows for 16 days for the money to be reversed from the day the application was filed.

“The woman was debited on December 24, 2021 but she did not notify the bank until after the Christmas holidays about January 4, 2022. From the day she notified the bank we covered the period and returned her money within the 16 days in line with the law,” Mr Ebuk said.

The spokesperson for Polaris Bank, Rasheed Bolarinwa, described the N500,000 damage as disproportionate compared to the N60,000 that was ‘trapped.’

He said the bank was reviewing the judgment and would take ‘the necessary legal steps’ thereafter.