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Polaris Bank: Analysts List Expectations As IBB’s In-law Emerges New Owner

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Following the sale of Polaris Bank to a new core investor, Strategic Capital Investment Limited (SCIL), by the Central Bank of Nigeria (CBN) at the weekend, analysts have listed their expectations of the bank post-acquisition.

This is even as critical concerns have been raised about the relatively unknown antecedents of the new owner, Auwal Lawal.

It is more so when it turned out that Lawal is the in-law to former Nigerian military president, General Ibrahim Badamosi Babangida (rtd).

While applauding the apex bank for the sale, the experts said they expect the new owner to continue from where the AMCON-led management ended their turn-around of the bank to ensure that it becomes a strong force in the banking industry.

According to them, the purchase of the bank for N50 billion, instead of N25 billion required of a fresh banking license, has shown that, CBN did a good job in finding a valuable buyer for the financial institution.

Accordingly, they urged the banking regulatory body to keep monitoring the activities of the bank under the new owner, and step in if it is being mismanaged.

In an exclusive interview with LEADERSHIP on Sunday, a renowned Economist, Prof Tayo Bello, of Adeleke University, Osun State, said CBN is the custodian of banks, and cannot hold the bridge bank for life; hence, it had to sell when the right buyer came for it.

He said, “CBN is the custodian of banks. They cannot hold the bridge bank for life, hence, when they stabilise the bank, they will sell which is what the CBN did in Polaris Bank. People should not raise too much concern about its over N1trillion debt as CBN has been magnanimous enough to give moratorium of 25 years to repay the debt.”

Bello stressed that it was better to sell the bank than allow it to go under, which could distabilise the banking system.

“So, its a right step in the right order. We should not also forget that though the investor purchased the bank for N50 billion, its assets far outweigh the amount paid, hence, there are alternative to settle some of the debt,” he pointed out.

Urging stakeholders to give the new management some time to reposition the bank, he said with M.K Ahmed, who was in the previous management and now chairing the new management, there is going to be a continuation in the direction in which the bank goes to stamp its footprint on the sand of time in the banking industry.

“The new management has a greater role to play in the future of the bank, hence, CBN should still be there to give close monitoring to the bank to ensure that the bank, under the new management, does not derail from its initial purpose, mission and responsibilities,” he emphasised.

Earlier, a business analyst, Chika Mbonu who spoke on Arise TV, commended the management of the bank for leading a successful transition, just as he urged the core investors (SCIL) to take the financial institution to the next level.

He said, “There was quite a protest over a rumour that the bank was sold for a paltry amount. However, we are happy that the CBN is now out to announce the name of the investors that won the bid, N50billion purchase consideration in addition to the N1.3 trillion that the CBN puts in to resuscitate the bank, which the core investors will take over that loan and pay it back. It is a better deal than other project handled by AMCON and NDIC.”

An Independent analyst, Ola Aina, said the divestment has been long overdue and it could only get better now that new owners have taken over 100 per cen, hence, looking forward to a new board and management unveiled to see their growth plan.

Meanwhile, the new owner, Auwal Lawal, is the in-law to the former Nigerian military president, General Babangida (rtd). He is married to Halima, the second daughter and last child of the former Nigerian leader.

A renowned Nigerian businessman, entrepreneur and a philanthropist, Lawal holds the traditional chieftain title of “Sarkin Sudan of Gombe.’

He is also the chairman and CEO of Nice Corporate Services Limited registered with the Corporate Affairs Commission(CAC), Nigeria, since 2004. The company deals in real estate development, commodities trading, and supply of agricultural machinery and fertilizer.

In the same vein, the new owner announced a new board that is expected to take the bank to a new height, grow its shareholders’ base and improve the its profitability.

The new board will be led by the existing chairman, M.K Ahmad, who will be joined will be joined on the board by 6 non-executive directors and 3 executive directors. They are to bring extensive experience in the banking and wider financial services sector in Nigeria and internationally, as well as expertise in corporate governance, human resource management, law and regulation to manage the operation of the bank.

The incoming board are Alhaji MK Ahmad as chairman; Mr Abubakar Danlami Suleiman as non-executive director; Ms Salma Mohammed, a non-executive director; Mr Adeleke Alex Adedipe as non-executive director; Mr Ahmed Almustapha, a non-executive director; Mr Francesco Cuzzocrea, another non-executive director; Mrs Olabisi Olubunmi Odunowo as non-executive director; Mr Adekunle Sonola, an executive director who will also become the managing director/CEO; Mr Abdullahi S Mohammed, an executive director and Mr Segun Opeke as an executive director.

 

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JUST IN: President Tinubu Orders Yahaya Bello To Submit Himself For EFCC Probe

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The Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, has called on the immediate-past governor of Kogi State, Alhaji Yahaya Bello, to follow the path of decency and submit himself for probe.

Bello is being wanted by the Economic and Financial Crimes Commission (EFCC) over alleged corrupt practices while in office as governor of Kogi State

 

LEADERSHIP reports that in the last 24 hours, there have been dramas and hide and seek game between both parties over the move to arrest the former governor for arraignment this Thursday.

 

According to the AGF, in a statement he personally signed on Thursday, EFCC is empowered by law to invite any Nigerian for interrogation.

He also described the action of the incumbent governor of Kogi State, Ahmed Ododo, who used his immunity to prevent Bello’s arrest on Wednesday as ‘disquieting’, adding that embarking on a temporising self-help and escapism that can only put Nigeria in bad light before the rest of the world is not the way to go.

According to him, he stands for the rule of law and will ensure no right of any Nigerian is trampled upon.

 

 

The AGF said in the terse statement: “The bizarre drama confronting the Economic and Financial Crimes Commission (EFCC) in the course of its efforts to perform its statutory duty has come to my notice (Attorney General of the Federation and Minister of Justice) as a matter of very grave concern.

“It is now beyond doubt that the EFCC is given power by the law to invite any person of interest to interact with them in the course of their investigation into any matter regardless of status. Therefore, the least that we can all do when invited, is not to put any obstruction in the way of EFCC but to honourably answer their invitation.

“A situation where public officials who are themselves subject of protection by law enforcement agents will set up a stratagem of obstruction to the civil and commendable efforts of the EFCC to perform its duty is to say the least, insufferably disquieting. A flight

from the law does not resolve issues at stake but only exacerbates it.

 

“I state unequivocally that I stand for the rule of law and will promptly call EFCC and indeed any other agency to order when there is indication of any transgression of the fundamental rights of any Nigerian by any of the agencies but I also tenaciously hold the view that institutions of State should be allowed to function effectively and efficiently. Nigeria has a vibrant judicial system that is capable of protecting everyone who follows the rule of law in seeking protection.

 

“I therefore encourage anyone who has been invited by the EFCC or any other agency to immediately toe the path of decency and civility by honouring such invitation instead of embarking on a temporising self-help and escapism that can only put our country in bad light before the rest of the world.

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SHALINA CELEBRATES 40 YEARS OF TRUST, REITERATES COMMITMENT TO QUALITY HEALTHCARE DELIVERY IN AFRICA

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In celebration of its 40 years in Africa, a leading Afro-focused multinational company, Shalina Healthcare has reiterated its commitment to the delivery of quality healthcare in Africa. Declaring this in Lagos on Friday at the event to wrap up the company’s 2023/24 financial year and celebrate its 40 years of its existence, the Chief Commercial Officer, West Africa of the company, Arun Raj said the company “is determined to continually fulfill its corporate mission of making quality products available to every African at affordable prices.

 

According to him; ” It has been 40 years of trust in Africa and these 40 years, the people of the continent have also reciprocated the trust in our quality products and healthcare delivery.”

 

Also, in his corporate presentation as well as new financial year projection, the Head, Corporate Marketing of the Company, Folorunso Alaran said; “the Company is building on the trust Africans have in its products and services over the year and is committed to healthy Africa. It has been forty years of available, affordable and quality products for Africans.”

In the words of Mr. Nirmal Jain CEO Shalina consumer Global,

 

“At Shalina, we believe that every African must have access to good products. And for the last forty years, we have been trusted for our quality products. And more so, through our many initiatives and healthcare interventions, Shalina has continually raised the bar in healthcare delivery.”

 

Speaking further, Mr. Debajeet Mukherjee CEO Shalina Pharma Global, posited that; “despite the prevailing economic challenges, we do not waver in delivering our corporate purposes of available, affordable and quality health products. It is our belief that economic challenges should not hinder people’s access to quality healthcare. Either the economy is good or bad, it shouldn’t affect the lives of the people in an adverse way. Despite the fact that some companies are leaving Nigeria, we are expanding our team in the country. This is because we have trust and believe in Nigeria.”

 

In her own presentation at the event, the Company’s Managing Director, Nigeria , Opeyemi Akinyele said the company “is focused to become number one brand in Nigeria and continually promote the best of healthcare delivery in the country. ”

 

“Through our products, activities and interventions we have been doing greatly to ensure that quality healthcare is available and affordable for every citizen. And this is a promise that will remain unbroken ” She said.

 

Appreciating the members of staff of the company for their commitment and supporting roles in the company, Akinleye said “without you, your roles and efforts, we won’t be here and the successes recorded in the out gone year won’t be possible. We also rely on your continuous support and commitment in the new year. ”

 

Meanwhile as part of the company’s end of year activities, many staff members were given awards of excellence in different categories for 2023/24 financial year. Amongst them were Lasisi Abiodun, Best Pharma Delegate, Lawal Abubskar, Best Medical Delegate, Ruth Adesua Adewoye, Best Regional Manager Pharma, Ganiyu Lateef, Best CVD Delegate, Mercy Omoji, Best Regional Manager, Consumer, Uzuma Pascal, Best Zonal Manager, (Global) and Juliet Ngozi Edward, Best Consumer Delegate Global . Winners in other categories included Sandeep Sahu, Folorunso Alaran, Emeka Adimoha, Chiuba Nwaosu among others.

 

Shalina Healthcare which began its business in Africa in DR Congo in 1984 made entry to Nigeria 25years ago. It currently has about 2500 staffs globally out of whom 2000 are in Africa.

 

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Kano court affirms Ganduje’s suspension

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The Kano State High Court has granted an ex parte order restraining the National Chairman of the All Progressives Congress, Abdullahi Ganduje, from parading himself as a member of the party.

Subsequently, the court ordered that henceforth, Ganduje should desist from presiding over all affairs of the National Working Committee of the APC.

The application granted by Justice Usman Na’abba on Tuesday followed an ex parte motion filed by Dr. Ibrahim Sa’ad on behalf of two executive members of Ganduje’s ward, Dawakin-Tofa Local Government Area, the Assistant Secretary, Laminu Sani and Legal Adviser, Haladu Gwanjo (plaintiffs), who were part of the nine ward executives who suspended Ganduje on Monday.

The court directed the four parties (respondents) joined in the matter, including the APC, NWC, APC Kano State Working Committee, and Ganduje, to henceforth, maintain status quo ante belum as of April 15, 2024, pending the hearing and determination of the substantive suit on April 30, 2024.

Justice Na’abba, also held as prayed, stopped State Working Committee APC Kano from interfering with the legally and validly considered decision of executives of Ganduje ward, essentially on action endorsed by a two-thirds majority of the executives as provided by the party constitution.

The ex parte order read,, “An order is hereby granted directing all parties in the suit APC (first), APC National Working Committee (second), Kano State Working Committee APC (third), Dr. Abdullah Umar Ganduje (fourth), to maintain status quo ante belum as of April 15, 2024.

”The order thereby restraining the first respondent (APC) from recognising the fourth respondent (Ganduje) as a member of APC and prohibiting the fourth respondent (Ganduje) from presiding over any affairs of the NWC and restraining the state Working Committee from interfering with the legally and validly decision of the ward executives of Ganduje ward.

“That the fourth respondent (Ganduje) is prohibited from parading himself as a member of APC or doing any act that may portray him or seem to be a member of APC pending the hearing and determination of the substantive suit.”

Nine members of the Ganduje ward proclaimed the suspension of the National Chairman of the APC over the allegation of corruption slammed on him by the Kano State Government.

The nine APC executives said they were prompted to act following a petition written by one Ja’afaru Adamu, a member of the APC from the National Chairman’s polling unit.

In the petition, Adamu complained over allegations of corruption charges against the former governor just as he urged the ward leaders to investigate the matter to redeem the dented image of the party and the implication on President Bola Tinubu’s fight against corruption.

Although the chairman and secretary of the ward failed to act on the petition filed on April 8, 2024, nine members of the executives, led by the legal adviser, acted upon the petition, a decision that led to Ganduje’s suspension.

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