Inside sources reveal true situation at Polaris Bank Limited, clarify falsehood, media attacks against bank
CITIZENS COMPASS – SOURCES within Polaris Bank Limited have revealed the true situation in the financial institution that a section of the media has falsely spun around.
According to the sources, there is no such thing as a controversy trailing the Bank, as the reaction within the financial institution stems from some staff’s inability to understand and accept positive and productive changes in the Bank’s operation.
Speaking exclusively with Citizens Compass, one of the sources who pleaded anonymity noted that when the new investors acquired Polaris Bank Limited, they set new goals and objectives to drive it to a greater height.
He added that strategies put in place to achieve these set targets are what some of the Bank’s staff are kicking against because it’s a change from the status quo.
“As you know, there are some basic things when a new owner acquires a business, be it a bank or whatever, he examines the profit and loss channels associated with such company and tries to promote the successful sides while eliminating the negative sides. It is all in a bid to boost profitability.
“In the case of Polaris Bank, what has happened is simple, the new owners want to avoid a run-of-the-mill approach to managing the Bank because they have seen where such leads. They have brought in their wealth of experience and are plucking the worms that are feeding fat on the Bank so that it can become a profitable entity; this is what is leading to the hues and cries you are hearing from some aggrieved staff of the Bank who are now doing their banking on social media pages.
“Polaris Bank operates with the best standard and corporate governance you could imagine.
“Change and Innovation are often frowned upon, but the truth is that Polaris Bank is witnessing its best years in a very long time with this new management, they are trying and will do better. It is those who have been exploiting the Bank and have now found out that their channels of exploitation are being threatened that are causing trouble where there is none,” the source noted.
Another source within the Bank who gave his name as Tosin Mohammed (Not his Real Name) noted that it is a shame that people considered enlightened and exposed would feign ignorance of the situation they know about.
According to him, some of the Bank’s staff obtained loans and have refused to serve them because of the Bank’s magnanimity. Attempts by the Bank to recoup these monies have seen them shouting blue murder. Indeed, some staff have sorted their case out while others are genuinely working on recovering the loans. Of course, some weak minded staff resorted to sponsoring social media stories to bend the hand of the management of the bank.
“Talks that individuals and enterprises are taking their money away from the Bank to other banks is a big lie, as Polaris Bank is in the best condition it has ever been in a long while,” Mohammed concluded.
In October 2022, the Central Bank of Nigeria (CBN) sold Polaris Bank to Strategic Capital Investment Limited (SCIL).
On the accusations of staff accrued Uber expenses being taken at once by the new management, a source privy to the inner workings disclosed that Audit revealed an abuse of the process where some Managers were using Uber on public holidays and unauthorized hours.
On late meetings, the source explained that although there are frequent meetings but not late meetings. ‘”Of course, what do you expect when new management comes on board, you expect Strategy sessions, meetings, retreats, Monthly and Quarterly reviews to discuss vision, business plans, and performance.” It is nothing new, he averred.
The source further explained that most of the unfounded negatives pushed around against the Bank are likely from staff currently being investigated for various infractions and being questioned.
“What of some staff who actually colluded with customers to avail loans only to abscond to foreign countries”. He concluded that there is a new order trying to put things right for the good of the Bank.
Since the constitution of the Bank’s new board, Polaris has hit the ground running, enthroning a new work culture and improving its earnings. It has also been celebrated with several awards, including the ‘MSME Bank of the Year 2022’ in the BusinessDay’s Banks and Other Financial Institutions (BAFI) Awards, Best Digital Bank: VULTe by Nigeria Fintech Award, and African Digital Bank of the Year presented by African Leadership Award.