Connect with us

E-Financial

Customers Laud Polaris Bank Exclusive Banking Product

Published

on

Kindly share this post

Polaris Bank, Nigeria’s leading Retail Bank has announced the launch of its exclusive banking product aimed at serving its High Net-worth Individuals (HNIs) seeking innovative investment options in challenging economic times.

The unveiling which took place in Ikoyi, Lagos, on Tuesday was attended by esteemed guests, industry experts, and corporate customers from across the country.

The exclusive banking proposition, designed to guide HNIs towards high-yield investment opportunities, received an overwhelmingly positive response from customers present at the launch with most of them offering their testimonials, and endorsements, to the value offered by the products.

A customer and Founding Partner of a Lagos-based Law Firm at the event Mrs. Damilola Adegbenro, noted, “Polaris Bank has provided me with personalized guidance and access to exclusive investment options, helping me navigate the complex financial landscape. I highly recommend the bank’s exclusive banking proposition.”

Another customer, Alhaji Dahiru Mustapha, a large-scale farmer, praised the bank’s commitment to customer satisfaction and its holistic approach to banking.

“What sets Polaris Bank apart is their attention to detail and the bank’s understanding of the diverse needs of HNIs. Not only has the bank guided me towards high-yield investment options, but its partnerships with leading brands in complementary services have also helped me to enjoy exclusive lifestyle privileges.

At the launch, experts from Partner brands across sectors discussed robust and available wealth management windows for HNIs and guests, providing attendees with valuable insights and expert advice. Some of the partners include MIXTA Africa represented by Andrea Cameron-Cole who spoke about the immense real estate investment vehicles available in Nigeria and across Africa; Toyin Deinde, Chief Operating Officer (COO) of Tangerine Africa spoke about available world-class health insurance HNIs could subscribe and benefit from being Polaris Bank’s Exclusive Banking customers.

A representative of VTA Global Services introduced to the guests the Citizenship by Investment service wherein interested enrollees and their dependents access Caribbean Passports that grant them easy mobility and passage to over 104 countries globally.

Abiona Babarinde, General Manager at Coscharis Motors availed guests and HNIs present, the latest top-range automobiles that could be acquired with facilities made available under the Polaris Exclusive proposition.

“The discounts and privileges offered by Polaris Bank truly reflect the bank’s understanding of our needs said Mr. Osinachi Nwachukwu, a prominent player and CEO of an estate company. “Their partnerships have added immense value to my banking relationship. I am thrilled to have access to such exclusive privileges.”

Earlier in the day, Mr. Segun Opeke Executive Director who represented Polaris Bank’s Managing Director/CEO, welcomed guests and HNIs, explaining, “Polaris Bank has partnered with leading brands to provide discounts and privileges across a range of lifestyle services and experiences. From luxury travel to fine dining, our customers, especially HNIs, can now enjoy the perks of their hard-earned success with our carefully curated offerings.”

Group Head of Products & Market Development, Adebimpe Ihekuna, expressing appreciation to the customers stating, “The positive feedback received serves as a motivating force to further innovate and deliver exceptional solutions in a rapidly changing financial landscape.” She further admonished customers to use the Bank’s VULTe digital platform as a one-stop shop to access the exclusive services offered by the Bank.

Polaris Bank was adjudged Digital Bank of the Year in 2021 and 2022 in BusinessDay’s Banks And Other Financial Institutions (BAFI) Awards. It also emerged as the best MSME Bank because of its ability to use technology to enable bottom-up support to the MSME sector.


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

First Securities Secures Remarkable Position in NGX Performance Report

Published

on

Kindly share this post

First Securities Brokers Limited, the stockbroking subsidiary of First Holdco Plc, recently announced its impressive performance in the latest Nigerian Exchange (NGX) Broker Performance Report. The firm secured first place in terms of trading volume and value of transactions for the month of July, 2025.

According to the report, First Securities Brokers Limited displayed strong trading activity and strategic market positioning, further solidifying its reputation as a significant player in the capital and equities market.

Fiona Ahimie, Chief Executive Officer and Managing Director of First Securities Brokers Limited expressed her pleasure at the firm’s achievement of a trading value of ₦414.457 billion, which accounts for 22.80% of the total trading value reported by the NGX during the review period. This performance highlights the effectiveness of the integrated model promoted by First Holdco Plc.

The Holding Company’s strategic focus on synergy within the Group played a crucial role in enhancing the performance of First Securities Brokers Limited.

“This remarkable achievement reflects the hard work and dedication of our entire workforce, as well as the trust our clients continue to place in us. It underscores our growing influence and effectiveness in the Nigerian equities market,” she added.

“Our focus on providing innovative and seamless trading solutions, coupled with deep market expertise, has been crucial to driving this success. We are not just a brokerage firm; we are strategic partners in our clients’ financial journeys. This recognition further motivates us to deliver exceptional value.”

“We remain committed to creating long-term value for our clients and stakeholders. Building on this momentum, we will continue to enhance our service offerings and further establish our position as a key driver of growth and development in the Nigerian financial market.”

 


Kindly share this post
Continue Reading

E-Financial

CBN to Prosecute FX Deal Violators after Audit

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has said that it plans to pursue civil, administrative, or criminal sanctions against parties found to have breached foreign exchange (FX) rules, following the conclusion of a forensic audit into undelivered forward contracts.

CBN to Prosecute FX Deal Violators after Audit

A document titled Frequently Asked Questions (FAQ) on the Settlement of Undelivered Forward Contracts, published on the Bank’s website on Thursday, revealed the development.

The audit, conducted by Deloitte from September 2023, reviewed transactions under the Retail Secondary Market Intervention Sales (RSMIS) window.

The document read, “The Central Bank of Nigeria is reviewing appropriate legal action against parties found to have violated applicable rules and regulations, based on the findings of the forensic audit. The Bank will collaborate with law enforcement and regulatory agencies to pursue civil, administrative, or criminal sanctions, as necessary.”

According to the apex bank, the contracts involved upfront naira payments in exchange for promised US dollar delivery on future dates—many of which went unfulfilled.

The CBN said the audit was necessary to verify the legitimacy of these contracts, protect FX reserves, and uphold regulatory standards.

The findings revealed extensive irregularities, including mismatches in beneficiary identities, exaggerated FX requests, use of incorrect or blank Form M submissions, and approvals for non-permissible imports.

The CBN noted that certain transactions were based on vague or false documentation, while others involved companies that lacked authorisation for the items they sought to import.

In several cases, the approved FX sale value exceeded the declared cost of the imported goods, raising questions of misrepresentation.

According to the CBN, such infractions rendered the contracts void under Nigerian law and ineligible for FX settlement.

Only verified and compliant contracts were honoured.

The Bank clarified that the affected counterparties had been given the opportunity to respond during the audit process before any contract was invalidated.

For those deemed invalid, the naira previously collected was refunded, but no FX was disbursed.

The CBN has declared the audit process closed and not open to appeal, citing the independence and procedural fairness of the review.

“The audit conclusions were based on a rigorous process carried out by an independent forensic expert (Deloitte), acting pursuant to a transparent mandate.

“The auditor contacted the authorized dealer banks concerning those contracts to get their explanations of the infractions before reaching conclusions on them. The findings have therefore met procedural fairness standards. The case of undelivered forward contracts is now concluded and closed,” the document stated.

Earlier in March 2024, the CBN announced the complete clearance of the valid foreign exchange backlog.

This was after Olayemi Cardoso, governor, CBN,  in February, disclosed that about $2.4 billion foreign exchange backlog is not valid for settlement.

Cardoso clarified that out of the initially reported $7 billion FX liabilities of the federal government, about $2.4 billion were identified as invalid following a forensic audit by Deloitte Management Consultants.

Earlier report showed that CBN officially concluded the forensic audit into undelivered forward foreign exchange (FX) transactions and refunded the value of all unfulfilled and unvalidated deals to banks in naira.

The development was contained in a letter dated August 4, 2025, signed by Okey Umeano, acting director of the Financial Markets Department, and addressed to all authorised dealer banks.

The letter noted that all validated transactions had been paid, while the local currency equivalent of outstanding and unverified transactions had been returned to the banks.


Kindly share this post
Continue Reading

E-Financial

Zenith Bank Slammed with ₦85m Fine for Freezing Account on Invalid Court Order

Published

on

Kindly share this post

A High Court in Abuja has awarded a fine of N85 million against Zenith Bank Plc for freezing a customer’s bank account by relying on an invalid court order.

Justice S. U. Bature, in a judgment, also ordered the bank to immediately unfreeze the account domicile in its branch at 63, Usuma Street, Maitama, opposite Transcorp Hilton Hotel, Abuja.

Justice Bature directed the bank to publish a public apology to the customer, Abhulimen & Co, in two national newspapers and on its website.

The judge held that the bank acted on an invalid order made by a Magistrate Court that lacked the requisite jurisdiction.

Justice Bature further held that the decision of the bank and the Nigeria Police Force (NPF), the 2nd defendant in the suit, to freeze the customer’s account, based on a supposed order by the Magistrate Court, without notifying the said customer, was illogical and a betrayal of the banker-customers’ relationship between parties.

The judge said it was unfortunate that a major financial institution like Zenith Bank, with a Legal Department, supposedly manned by lawyers, would claim to have acted based on an invalid order by a Magistrate Court that lacked the jurisdiction to entertain any banking related case, including issuing orders for the freezing of a bank account.

The judgement was delivered on July 16 but its certified true copy (CTC) made available to newsmen on Thursday in Abuja.

Paulyn O. Abhulimen, SAN, trading under the name and style of Abhulimen & Co, had, in the suit marked: FCT/HC/CV/2194/2024, sued the Zenith Bank and NPF as 1st and 2nd defendants.

Abhulimen sued through the law firm of Kehinde & Partners LP, claiming that, in early 2024, after being unable to access the account of her firm, Abhulimen & Co, and make transactions with it, she discovered that the bank placed a post-no-debt (PND) on it.

She claimed to have subsequently contacted an official of the bank, who is in charge of the account, Obi Okafor.

She said Okafor told her about the development, following which the bank, in March 13, 2024 claimed to have frozen the account based on an order obtained by the NPF from a Chief Magistrates Court in Mararaba Gurku, Nasarawa State.

Delivering the judgment, Justice Bature said: “The said account was opened at the first defendant’s (Zenith Bank’s) Transcorp Hilton branch, here in Abuja, and the 2nd defendant (NPF) is also domiciled in Abuja.

“The rationale behind seeking the said order at a Magistrate Court under the Nasarawa State jurisdiction cannot be understood, and the 2nd defendant did not appear, to be able to give any explanation or reason as to why they decided to follow this line of action.

“The said Magistrate Court lacked the territorial jurisdiction to entertain the application.

“Regarding the substantive jurisdiction of the court to make the order, it is clear from the provisions of Section 251 of the Constitution of the Federal Republic of Nigeria (1999 as amended), that matters relating to banks and banking transactions are within the exclusive jurisdiction of the Federal High Court, and matters relating to banker-customer disputes are jointly under the jurisdiction of the Federal High Court, State High Courts and High Court of the FCT,” Justice Bature said.

According to the judge, from the foregoing, it is clear that Magistrate Courts lack the jurisdiction to entertain an application for an order to freeze a bank account of a person, and should not have entertained the said application in its entirety.

“The legal department of the first defendant (Zenith Bank), being lawyers, should have been aware of this position of the law and taken the appropriate action in this situation, as they ought not to have obeyed the court order in the first place.

“Thus, the 1st defendant was wrong to have placed a PND on the account of the claimant based on the order of a court lacking the requisite jurisdiction to do so. I so hold,” the judge held.

The judge faulted the failure of the bank to inform the claimant about its decision to freeze her company’s account, describing it as a breach of the duty of care it owed to its customers.

Justice Bature said: “It is the humble opinion of this honourable court that, the first defendant owed the claimant a duty of care of duly informing her that her account had been frozen.

“The 1st defendant placed a post-no-debit on the account of the claimant’s firm, but same was not communicated to the claimant until she encountered difficulties in the use of the said account.

“It is the humble opinion of this honourable court that, the 1st defendant owed the claimant a duty of care of duly informing her that her account had been frozen

“The failure of the 1st defendant to inform the claimant of the state of affairs on her account amounts to negligence on the part of the 1st defendant and hence, a breach of duty of care and due diligence owed to the claimant. I so hold,” Justice Bature said.

Having found that the bank and the NPF acted unlawfully, the judge proceeded to declare among others, that an order to freeze a bank account cannot validly be granted ex-parte to last indefinitely.

He also declared that the Chief Magistrate Court of Nasarawa State, sitting at Mararaba Gurku, lacked the requisite jurisdiction to make an order to freeze the claimant’s Zenith Bank Plc’s account number: 1012272348, based on an ex-parte application.

“The defendants are hereby ordered to jointly and severally pay the sum of N60 million to the claimant as general damages for the embarrassment, psychological trauma, financial distress, emotional stress and grave inconveniences suffered by the claimant due to the defendants’ actions.

“The defendants are hereby ordered to jointly and severally pay the sum of N25 million to the claimant as cost of this action,” Justice Bature declared.

 


Kindly share this post
Continue Reading

Trending