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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Watch Moment Shettima, Olowu Reunite At Buratai’s Daughter Wedding [VIDEO]

Published

19 hours ago

July 26, 2026

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Watch Moment Shettima, Olowu Reunite At Buratai’s Daughter Wedding [VIDEO]

” I want to recognise and appreciate all our royal fathers present here, but I wish to single out my friend, His Royal Majesty Olowu of Kuta Kingdom, Oba Adekunle Makama Oyelude, Tegbosun iii.

He has been my friend for over thirty years ago in my domain here.

I wonder how he navigated his way back to Osun and become a Chief”, above were the words of Vice President Kashim Shettima upon sighting Kabiyesi at the wedding fathiha of the daughter of former chief of army staff, Lt Gen TY Buratai rtd @ Snake Farm, Keffi, Nasarawa State at the weekend

Watch the moment below:

https://www.thegeniusmedia.com.ng/wp-content/uploads/2026/07/WhatsApp-Video-2026-07-26-at-10.45.46.mp4?_=1

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Aston Villa Complete Alejandro Garnacho Signing from Chelsea on Season-Long Loan with Mandatory Buy Clause

Published

4 days ago

July 23, 2026

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Aston Villa Complete Alejandro Garnacho Signing from Chelsea on Season-Long Loan with Mandatory Buy Clause—-Unai Emery has landed one of his top transfer targets after Aston Villa reached an agreement with Chelsea for Alejandro Garnacho to join on a season-long loan, with a conditional obligation to make the move permanent.

Aston Villa have reached an agreement with Chelsea to sign Argentina international Alejandro Garnacho on a season-long loan, with a buy clause that will become mandatory if certain conditions are met. The move is expected to be finalized after the 22-year-old completes the remaining formalities following his medical in Birmingham.

The deal represents a significant show of faith from Villa manager Unai Emery, who has long admired Garnacho and had attempted to sign the winger before his move from Manchester United to Chelsea last summer. Emery is understood to have personally pushed for the transfer, believing he can help the Argentine rediscover the form that made him one of the Premier League’s brightest young talents.

Although structured initially as a loan until the end of the 2026-27 season, the agreement includes a conditional obligation to buy. The exact conditions have not been disclosed publicly, but reports indicate they are linked to performance or appearance targets and are widely expected to be met. Garnacho has already agreed personal terms on a four-year contract that will take effect once the permanent transfer is triggered.

Garnacho’s departure comes just one year after Chelsea signed him from Manchester United on a long-term contract. Despite arriving at Stamford Bridge with high expectations, the winger struggled to establish himself as a regular starter, managing only limited league starts as competition for places intensified under new manager Xabi Alonso. Chelsea’s recent club-record £117 million signing of Morgan Rogers further reduced Garnacho’s prospects of regular first-team football, making a move away increasingly likely.

For Aston Villa, the signing is another statement of intent as the club prepares for a campaign that includes UEFA Champions League football. Emery has built a reputation for revitalizing players whose careers have stalled, and Villa believe Garnacho’s pace, direct running and attacking flair can add a new dimension to their frontline. Club officials are confident the Argentine international still possesses the potential to develop into one of the Premier League’s top wingers under Emery’s guidance.

The transfer also continues a busy summer of business between Aston Villa and Chelsea. It follows Chelsea’s acquisition of Morgan Rogers in a British-record £117 million deal, with Garnacho now heading in the opposite direction as both clubs reshape their squads ahead of the new season. While the financial details of the future permanent transfer remain undisclosed, all parties are confident the move will become permanent once the agreed conditions are fulfilled.

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