On Friday 21st September 2018, Nigerians were greeted with a sudden liquidation and take over of SKYE BANK.

One could quickly ask, what really happened? Few days before this, CBN cleared the air that Skye Bank is healthy and gave it a loan of N100b. It also praised the management team for their efficiency in running the bank.

But suddenly, on 21st September, an unknown company was named as the new owner of the said Skye Bank.

Now the question is WHO ARE POLARIS BANK LIMITED? WHERE HAVE THEY BEEN? WHERE IS THEIR HEADQUARTERS? HAVE ANY BODY OWN AN ACCOUNT WITH THEM BEFORE? ETC.

My search revealed that POLARIS is or was merely a LIMITED LIABILITY COMPANY that is "registered with CAC on 14th of June 2015 and till date have no fix address.

Record showed that POLARIS don't have any banking record or background to warrant it to take over an already established Bank of this magnitude - Skye Bank.

It might interest you to know that as of 21st of September 2018 when Polaris took over Skye Bank Plc, CAC website still puts Polaris Bank limited under search" meaning its registration is not completed.

That POLARIS LIMITED had only had its "board" by special resolution changed its name from POLARIS LIMITED TO POLARIS BANK LIMITED 14th SEPTEMBER, 2018.

THAT WAS ISSUED A CERTIFICATE OF REGISTRATION SAME DAY THEY TOOK OVER SKYE BANK PLC.

WHAT IS HAPPENING HERE

Can a company be registered the same day and take over another established company?

Can a none financial company be registered to take over a financial institution that requires a very high financial professionalism to operate?

WHAT ARE THE MOTIVES BEHIND THE SUDDEN LIQUIDATION AND TAKE OVER OF SKYE BANK PLC?

WHO ARE THOSE BEHIND POLARIS BANK LIMITED?

WHO IS MUHAMMAD K. AHMAD (chairman Polaris Bank) and ADETOKUNBO M. ABIRU (Group Managing Director/CEO) of Polaris Bank

Was Skye Bank distressed? Why did CBN gave them N100b and swapped its ownership overnight to a "Bank" that was issued a registration certification same day without operating experience and headquarters Does the government have hands on this deal or did CBN act on their own?

BEYOND WHAT MOST OF US DON'T KNOW ABOUT WHAT IS HAPPENING!!

Please know that with the fake certificate of incorporation given by the CAC and the CBN operating license to the yet to be registered bank, it means the fraudsters have taken over ownership of Nigeria's 10% stake in the SAT-3 through Skye Bank's ownership of Nitel, making them take over the control of the backbone infrastructure for ICT, the SAT-3 automatically.

THIS IS NO JOKE, NIGERIANS!

So, with all these in the fraudsters kitty, apart from the $380m loan for ICT from China gone, the control over social media and all ICT platforms as regards 2019 elections has just been taken over for manipulations or possible shutdown.

AND THIS HAS BEEN THE DESIRE OF THE GOVERNMENT TO TAKE OVER THE MEDIA AND THE SOCIAL MEDIA PLATFORMS IN Nigeria!!

Very soon the certificate of incorporation of Polaris will be made public.

New facts are beginning to emerge from the SkyBank/ Polaris Bank scandal```


THE ISSUE WITH SKYE BANK MANAGEMENT BEFORE NOW.

*What role insider related loans played to bring the Skye bank down?*


Four individuals / corporate entities accounted for over N446 Billion of insider related loans drawn from Skye Bank. They are as follows:

1. *Dr Tunde Ayeni: (Former Chairman of the Board)*
- N89.4 Billion: Loan used to acquire Ibadan Disco, Yola Disco and Nitel
- N29.5 Billion: Discovered in suspense account and directly linked to him
- $6.8m: Diverted into his law firm and utilized for personal use. Never paid back

2. *Dr Festus Fadeyi (Father of Dr Jason Fadeyi Non-Executive Director)*
- $616m (N191 Billion): For Pan Oceanic Group)

3. *Jide Omokere Group*
- N110 Billion : For AEDC (N56 Billion), Cedar Oil and Gas (N22.4 Billion), Real Banc Ltd (N31 Billion)

4. *Forte Oil Shares*
- N11.6 Billion: Alleged illegal conversion of 46.4million shares in Forte Oil Plc, paid for by Afribank. Case is in court.
- N12.8 Billion: Owed by AP to Afribank

*What is the end game?*

There are many reasons why we must ask this question. Some of these reasons are:

1. So far we understand that the CBN has committed N1.4 Trillion (N690 billion + N786 billion) to rescuing this bank.

When you realise that the deposit base of the bank in July 2016 when the CBN took over was, N1.08 Trillion you begin to wonder.

Why bother?

Would it not have been cheaper to liquidate the bank and pay off depositors?

2. From the evidence adduced so far, it is clear that the case of Skye Bank is not just that of Corporate Governance Failure of the Bank, but rather it’s also a case of Corporate Governance failure of the regulator.

Skye Bank clearly at the time of the bid did not meet the regulatory requirement to qualify as the preferred bidder. This was acknowledged by CBN itself. Yet it went ahead to approve the bid.

3. The agile observations of some observers clearly shows that at the time of announcement of Polaris Bank as the Bridge Bank, Polaris Bank was not incorporated in Nigeria.

So, in essence, the CBN has committed N786 Billion to a legally and factually non-existing organization.

*What exactly is the game here?*

Your not a bank customer so you may not know.

You will deposit 100k... You will get 100k credit alert .... You will want to withdraw 40k... They will say your balance is 30k

Na so your 100k go just hang in the bank like that unless you create a scene.

50% of skye bank officials working in branches outside state capitals are very nonchalant and idiotic.

Skye Bank, Novena branch... I hate that place

The take over news sweet my belle

oweniwe:
Your not a bank customer so you may not know.

You will deposit 100k... You will get 100k credit alert .... You will want to withdraw 40k... They will say your balance is 30k

Na so your 100k go just hang in the bank like that unless you create a scene.

50% of skye bank officials working in branches outside state capitals are very nonchalant and idiotic.

Skye Bank, Novena branch... I hate that place

The take over news sweet my belle

bros
What about the new owners, are they the ones that are going to do better? didn't you read the part that was saying something about the company being a day old company? who are they, why is it that the children of nairaland are always thinking with their fingers?

As the days go by, more news will unfold.

We all lack morals. You take loans without the intention of paying back. I keep saying it that more than 70% of Nigerian rich elites are all criminals. When the much awaited revolution takes place in Nigeria many of these criminals will go on exile.

in a nutshell, you're saying this polaris bank will not be good to bank with, right, because they are newly incorporated?