Crisis As 100 Polaris Bank Staff Threaten To Shut Down Operations Nationwide Over Unpaid Salaries

Published

2 years ago

June 30, 2024

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Crisis As 100 Polaris Bank Staff Threaten To Shut Down Operations Nationwide Over Unpaid Salaries—-All does not seem well for Polaris Bank Limited as emerging reports indicate that the bank is currently being troubled over its recent controversial sale by the Central Bank of Nigeria.

Reports had it that incoming administration of Bola Tinubu on 29 May 2023 may reverse the controversial sale of Polaris Bank after inauguration.

It would be recalled that in October 2022, the CBN sold the bank for a paltry N40 billion under controversial circumstances, after sinking over N1.2 trillion into it.

The sale, however, triggered a wave of allegations from lawmakers, trade unions, and other opponents who described the deal as a foul play.

According to reports, the apex bank sold the bank to Strategic Capital Investment Limited (SCIL), which was said to be managed by Auwal Lawan Abdullahi, a son-in-law of Ibrahim Babangida who holds the Sarkin Sudan Gombe traditional title from the north-eastern state, despite his limited credentials in banking and finance. It was learnt that the sale meant that Nigerian taxpayers lost around 97 per cent of state investment in Polaris. As at December 2020, AMCON investment in the bank stood at N848 billion, per company filings, with insiders say an additional N350 billion was poured in between January 2021 and July 2022

Amidst the bedeviling crisis, some customers of the bank, small and medium enterprises in particular, are reportedly withdrawing their money to safer banks over fear of imminent distress.

According to inside sources in the bank, the bank has lately lost some customers (depositors) who are edgy about their deposits and have lost trust in the bank because of huge job losses and unethical industrial practices currently going on in the bank.

Sources also revealed that for the second month, over 100 branch managers of the bank are placed on suspension without pay for having non performing loan ratio above 5%.

However, it was gathered that these loans were duly approved and interests earned by the bank. Some of the managers told our correspondent that they did not book most of the loans but the loans were referred and booked by other senior staff who are walking about freely.

According to Labour laws, suspension of a worker without pay should not exceed two weeks but the bank initially issued letters of suspension for 30 days. After the expiration, the suspension without pay continued for another two months without further advise to the staff.

Some of the staff who spoke to newsmen said the management of the bank insisted that staff “on suspension must come to work daily and are drilled for performance review on a daily basis with the managing director presiding over the weekly meetings which lasts late into the nights.”

According to reports, some aggrieved staff of the bank have dragged the bank before the

National Industrial Court in Lagos and Abuja. Some of the aggrieved staff have also declared a mass protest against the bank on Tuesday next week. It was learnt that the protest would be nationwide.

It was reported that because of the obvious signs of distress in the bank, a number of individuals and SMEs have closed their accounts with the bank and moved their deposits to safer banks.

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BREAKING: Arsenal Defeat Chelsea 2-1 at Emirates to Extend Unbeaten Run

Published

14 hours ago

September 6, 2026

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BREAKING: Arsenal Defeat Chelsea 2-1 at Emirates to Extend Unbeaten Run—-The Gunners came from behind after Morgan Rogers’ early opener, with Kai Havertz and Martin Ødegaard completing a comeback victory to maintain Arsenal’s perfect start to the Premier League season.

Arsenal produced another statement performance at the Emirates Stadium on Sunday, coming from behind to defeat Chelsea 2-1 and maintain their perfect start to the Premier League campaign.

Chelsea stunned the home crowd after just 77 seconds, when Morgan Rogers fired Xabi Alonso’s side into an early lead. Arsenal, however, responded strongly and gradually took control of the contest.

Kai Havertz restored parity in the 25th minute against his former club, finishing Arsenal’s sustained pressure to make it 1-1 before the break.

The Gunners continued to dominate after the restart and completed the comeback through captain Martin Ødegaard, who struck early in the second half after Havertz’s clever movement helped create the opening.

Chelsea pushed desperately for an equaliser late on, but Arsenal goalkeeper David Raya produced a crucial save to deny Estêvão and preserve all three points for the hosts.

The victory means Arsenal remain on nine points from three matches, level with Manchester City at the top of the Premier League. Chelsea, meanwhile, suffer their first league defeat of the season and remain on six points.

For Mikel Arteta, the comeback further underlined Arsenal’s championship credentials. The reigning champions showed composure after conceding their first goal of the campaign and once again demonstrated their ability to respond under pressure.

Chelsea’s defeat will be frustrating for Alonso, particularly after his side made such a fast start. Despite their attacking threat, Arsenal’s control and defensive resilience ultimately proved decisive.

The result also extends Arsenal’s remarkable unbeaten run against Chelsea to 12 matches across all competitions, further strengthening the Gunners’ recent dominance in the London derby.

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BREAKING: Manchester City Agree £125m Deal to Sign Enzo Fernández From Chelsea On Deadline Day

Published

6 days ago

September 1, 2026

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BREAKING: Manchester City Agree £125m Deal to Sign Enzo Fernández From Chelsea On Deadline Day—-Cityzens have reached a British record-equalling agreement with Chelsea for the Argentina international on Deadline Day, with Fernández set to undergo his medical.

Manchester City have agreed a £125 million deal with Chelsea to sign Enzo Fernández in one of the biggest transfers of Deadline Day.

The agreement, reported by Sky Sports and other leading outlets, will see the Argentina international leave Stamford Bridge for the Etihad Stadium in a move that matches the British transfer record previously set by Liverpool’s £125m signing of Alexander Isak.

Fernández is expected to undergo his medical before completing the transfer, with City working against the clock to finalise the deal before the summer transfer window closes.

Maresca Reunites With Fernández

The move will see Fernández reunite with Enzo Maresca, who previously coached him at Chelsea and is now Manchester City’s manager.

Maresca is understood to have been a major driving force behind City’s pursuit of the midfielder as he looks to reshape his squad and strengthen the centre of midfield.

Fernández played an important role during Maresca’s time at Stamford Bridge, helping Chelsea win major silverware before the Italian manager’s move to Manchester.

Chelsea Accept Record Fee

Chelsea signed Fernández from Benfica in January 2023 for approximately £107 million, making him one of the most expensive players in Premier League history at the time.

Just over three years later, Chelsea have agreed to sell the 25-year-old for £125 million, representing a significant return on their original investment.

The Argentine had recently been left out of Chelsea’s squad for successive matches, increasing speculation that his Stamford Bridge future was coming to an end.

City Make Deadline-Day Statement

Manchester City had been pursuing Fernández for much of the summer, but negotiations intensified dramatically as the transfer deadline approached.

Chelsea had previously valued their midfielder at around £120 million and had initially expected him to remain at the club after an earlier deadline for bids passed without a formal offer. However, City’s interest never disappeared, and the two clubs eventually found an agreement on Deadline Day.

The final £125 million package now puts Fernández level with the British transfer record.

Fernández Begins New Chapter

For Fernández, the transfer brings an end to a turbulent period at Chelsea and opens a new chapter under a manager he already knows.

The World Cup-winning midfielder arrived in England with enormous expectations after starring for Argentina and Benfica.

At Manchester City, he will be expected to become a central figure in Maresca’s midfield and help the club compete on multiple fronts.

A Record-Breaking Transfer

The £125 million agreement places Fernández among the most expensive players in football history and makes the Deadline Day transfer one of the biggest stories of the summer window.

City are now racing to complete the remaining formalities, including the medical, before the deadline.

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