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Polaris Bank Celebrates First Year of Operation, Declares ₦27.8billion Profit

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*Capital Adequacy and Liquidity Ratios above regulatory requirements*To reap  benefits of IT investment in 2020

It was cheering news over the weekend as Polaris Bank Limited released its first Audited IFRS 2019 compliant financial result posting a profit before tax of N27.8billion.  The result which posits a compelling narrative in the history of Nigeria’s banking industry followed from the turn-around initiatives undertaken by the leadership of the Bank led by the MD/CEO Mr. Adetokunbo Abiru.

According to the Bank’s first full year financial result released during the weekend, Polaris Bank Limited posted a gross earnings figure of ₦150.8bilion and a Profit Before Tax (PBT) of N27.8billion within the first full year of operations. The remarkable achievements coming in the first year of operations of the institution is a clear validation of regulatory induced interventions in the nation’s history.

The Bank also closed the 2019 financial year with Total Assets of N1.1trillion and Shareholders Funds of N83billion. The result shows that Polaris Bank’s Capital Adequacy Ratio (14%) and liquidity ratio (81%) are well above regulatory requirements demonstrating strong prudential compliance and strong capital buffer, careful liquidity management and resilience.

This result is coming amidst the highly challenging business environment which forced many businesses to cut down on their operating expenses.

The Bank’s customer deposits stood at N857.9billion even as the Bank continues to focus on stable, low-cost deposits and well-diversified portfolio devoid of high concentration. Likewise, the loan book stood at N261billion providing the Bank with the desired headroom to accommodate required growth in risk assets to support the nation’s economic growth.

The Bank equally recorded a Return on Equity (ROE) and Return on Assets (ROA) of 33.0% and 2.4% respectively for the year ended December 31st 2019.

Commenting on the Bank’s performance, the Managing Director/Chief Executive Officer (MD/CEO) of Polaris Bank Limited, Mr. Adetokunbo Abiru said that: “the emergence of Polaris Bank on September 21, 2018, has heralded a new dawn as it laid the foundation for institutional competitiveness and service innovation in the nation’s challenging banking space.”

Expressing satisfaction with the Bank’s new corporate governance regime, the Chief Executive Officer noted that “We shall continue to run an ethically governed Bank, upholding sound risk management practices and proactively taking measures to mitigate the impact of the adverse business environment while the Board and Management continue to guide the Bank towards a path of sustainable growth.

Polaris Bank’s performance has assured a strong positive outlook for earnings, margins, and profitability improvement in its cautious pursuit of loan growth, a sustained strategy for operational efficiency, funding cost optimization, and efficient deposit mix. The headroom for loan creation no doubt presents an opportunity for improved margins.

Going into the year 2020 and despite the challenging macroeconomic environment, The Bank says it is poised to reap the benefits of its investment in both the capacity of its employees to improve service experience as well as in critical infrastructures that will support the digitization of its operations.

Polaris Bank is a future-determining Bank committed to the delivery of industry-defining products, services, and digital platforms across all the sectors of the Nigerian economy. The Bank is a member of the United Nations Environment Programme Finance Initiative (UNEP FI), which seeks to engage the private sector and the global financial sector to help create a financial sector that serves people and the planet while delivering positive impact.

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Abure Removed As LP Chairman After Expiration Of Tenure – Baba-Ahmed

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The vice presidential candidate of the Labour Party (LP) in last year’s election, Datti Baba-Ahmed, has said the national chairman of the party, Julius Abure, was not removed by any governor but by the constitution of the party after the expiration of his tenure.

Baba-Ahmed, who spoke during the inaugural meeting of the National Caretaker Committee on Tuesday in Abuja, called on the Abure-led National Working Committee to sheath their swords and join hands with the Caretaker Committee to rebuild the party.

He said: “Listen, my friend, no governor unseated Abure. The constitution unseated him because his (Abure) tenure had elapsed. As of today, Abure is our good friend and a loyal member. We want him back in the fold. We have a role for him to play. Likewise all members of the former NEC and NWC. They are welcome to come and join us and continue to build the Labour Party.”

Baba-Ahmed also said the LP will win the 2027 presidential election and win more seats in the National Assembly.

He said: “We didn’t have a crisis. We managed a transition that was a bit bumpy and that was it. I tell you, no other political party of our size could do that in the time and manner that we did. We are a political party that went all the way to the Supreme Court claiming our 10 million votes. They were only able to give us 6 million votes. So we are a force to contend with in Africa. What we’ve done has never been done before. When PDP came they had the military. We had nothing.

The Chairman of the Labour Party National Caretaker Committee, Senator Nenadi Usman assured of the committee’s determination to rescue the party from the current challenges and restore and rebuild it as a veritable alternative platform for Nigerians.

She pledged the readiness of the caretaker committee to lead the party to the path of reconciliation within the short period of its assignment.

Usman called for sacrifice from members of the caretaker committee, urging them to carry out their assignment with integrity in the interest of the party and the nation at large.

She said: “My brothers and sisters, we are on a rescue mission, not just for the Labour Party, but I tell you for our dear nation Nigeria. The interest this committee has generated extends beyond party lines. The number of telephone calls I have received not just from Labour Party members, but people from other political parties who told me that if we get this thing right, we will walk together. So we have a huge task.

“Our party by the grace of Almighty God will become a platform for all disenfranchised and unhappy Nigerians. For people who are not happy with the way things are going, we are going to be the platform for them by the grace of God. Therefore, we must view this significant national assignment.”

Deputy governor of Abia state, Ikechukwu Emetu, who represented the Governor, Alex Otti charged the committee members to work for the growth of the Labour Party and shun acts that can be detrimental to the interest of the party.

The secretary of the committee, Senator Darlington Nwokocha said the committee would ensure that it produced elected Ward, LGA, States, and National Officers for the party.

“We have started already, it is something we are working hard to achieve. The organs of the party at all levels will come on board soon, depending on the elasticity of what we are doing, but we want to do a good job, we will do the proper sensitisation, advocacy, consultation, consensus building and so many other legitimate things from the grassroots to the top, to making sure that the proper people are being put in place of leadership, elected from the ward to local government, to states and the national convention”.

 

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Lagos Orders Evacuation Of Police Barracks Amid Collapse Threat

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The Lagos State Government has raised the alarm over an imminent building collapse at Mopol 20 Barracks, Onigbongbo in the Ikeja area of the state.

This is as the Lagos State Emergency Management Agency is set to begin an emergency evacuation at the old block 3 section of the barracks.

In a statement issued on Wednesday, the Permanent Secretary of LASEMA, Damilola Oke-Osanyintolu, said its response team had assessed some parts of the structure and found them to be in a precarious condition.

Oke-Osanyintolu stated the building and adjacent structures would also be evacuated immediately to prevent any loss of life or property.

Police barracks

“The Agency dispatched a response team to the location and the findings indicate that the building and those adjacent must be evacuated with immediate effect. We are conducting a response plan which comprises an assessment, safe and orderly evacuation and controlled demolition

“Under the watchful eye of the Babajide Olusola Sanwoolu administration, we will be carrying out this preemptive demolition action due to the precarious conditions of the building and possible secondary incidents that could occur if left unmanaged,” the statement partly read.

He, however, urged members of the public within the vicinity to remain calm and refrain from spreading misinformation on social media.

He also assured that the situation was being closely monitored and managed.

The Force Public Relations Officer, Olumuyiwa Adejobi, in a statement in July, disclosed that the police were carrying out a comprehensive renovation of some police barracks in the state.

He noted that the renovation would be carried out in partnership with the state government.

 

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Yahaya Bello Remains Wanted, Not In Our Holding Facility – EFCC

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The Economic and Financial Crimes Commission, EFCC, has denied reports that Yahaya Bello, former governor of Kogi State, is in its custody.

The EFCC in a terse media Statement on X formerly Twitter by its head of Media and Publicity, Dele Oyewale, said the former governor is not in its holding facility and remains a wanted man with a valid warrant of arrest.

Recall that the Director of the Yahaya Bello Media Office, Ohiare Michael, said he had honoured the invitation of the anti-graft agency on Wednesday.

According to the release, the former governor was accompanied to the EFCC Headquarters by high profile Nigerians.

But the anti-graft agency in a statement by its spokesperson, Dele Oyewale, said that Bello remained wanted with a subsisting warrant of arrest.

“Media reports today that a former Governor of Kogi State, Mr. Yahaya Bello is in the holding facility of the Economic and Financial Crimes Commission, EFCC, is incorrect. The Commission wishes to state that Bello is not in its custody.

“Bello, already declared wanted by the Commission for alleged N80.2 billion money laundering charges, remains wanted with a subsisting warrant for his arrest,” he said in a statement on Wednesday.

The Commission had declared Bello wanted after a series of failed attempts to get him arrested over alleged money laundering to the tune of N80 billion.

 

 

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