E-Financial
Polaris Bank Reportedly Loses N26Bn Loans to 6 Ex-Directors without Collaterals

Polaris Bank has lost N26.005 billion worth of loans granted to 6 ex-directors, mostly without collaterals.
Economy Post found from the bank’s 2022 annual report that 5 out of the six ex-directors did not perfect their collaterals before receiving the loans from the bank.
Only one ex-director, Jason Fadeyi of Newcross Exploration and Production, who collected N25.442 billion term loan from the bank, perfected his collaterals.
However, the term loan given to him was recorded as “lost,” meaning that it was not recovered by the bank.
From the Corporate Affairs Commission (CAC) records, Newcross Exploration and Production was registered on July 9, 2013, with Festus Fadeyi and Bolaji Ogundare as persons with significant control of the company.
Fadeyi borrowed another N30.922 billion term loan from the bank – which has been placed on the watchlist.
Placing a loan on a watch list means that “a list (a subset) from a universe of securities, loans or other financial instruments is identified for more intense monitoring,” according to the Open Risk Manual.
Based on Polaris Bank’s records, Ibiyi Ekong of Demanta Nigeria Limited is another ex-director who took loans from the bank without repaying them.
Ekong, a former executive director of the bank who resigned in 2016, owes the bank N89 million.
The bank recorded it as loss, with her collaterals not perfected.
Collateral perfection allows a legal claim to seize assets of a payor defaults, according to Investopedia, an online investment dictionary.
She now works at the Foundation for Partnership Initiatives in the Niger Delta.
Ekong also owes the bank N4 million borrowed as a mortgage loan and another N4 million taken as an auto loan, which was not repaid.
Bank records showed their collateral perfection statuses were described as “not applicable.”
Next is Timothy A. Oguntayo, who took N100 million mortgage loan but did not pay it back, prompting the bank to report it as loss.
The bank said that his collateral perfection status was “not applicable.” When someone’s collateral perfection status reads “not applicable,” it means the person is not mandated to present collateral for a loan, experts said.
Oguntayo is a former managing director of Skye Bank (now Polaris Bank), who was earlier charged by the Economic and Financial Crimes Commission (EFCC) but later exonerated.
Oguntayo also owes Polaris Bank a mortgage loan of N100 million, which was also recorded as “lost.” It means he did not pay back both loans.
Abimbola Izu, another ex-director, got N103 million mortgage loan from Polaris Bank but did not repay it, according to bank records.
Her collateral perfection status was also recorded as “not applicable.”
Bank records also showed that Izu took a term loan of N17 million with another “not applicable” collateral status.
Izu is a lawyer and principal advisor at Portalls Advisory Services.
Theodora Amaka Onwughalu is another ex-director who borrowed N19 million mortgage loan from Polaris Bank but did not pay it back. Her loan was recorded as “lost,” with collateral perfection status classified as “not applicable.”
Onwughalu is the chief executive officer of Blueshield Financial Services Limited and was the former group managing director of Mainstreet Bank Limited.
Similarly, Dotun Adeniyi, an ex-director of Polaris Bank, borrowed N27 million mortgage loan from the financial institution but did not repay it.
The loan was recorded as “lost.” The collateral perfection status was also described as “not applicable.” Adeniyi resigned from the former Skye Bank ( now Polaris Bank) board in 2016 during a shakeup, which saw all the board members resign their positions at the bank. According to bank records, the ex-directors took these loans while they were members of the board of the bank.
Tokunbo Abiru, now a Lagos senator, was appointed the managing director of the then Skye Bank in 2016 but resigned in 2020 to fulfil his political ambition. Adekunle Sonola is the current managing director of the bank.
As of December 31, 2022, total outstanding loans owed by these ex-directors of Polaris Bank, some of which would not be repaid, amounted to N 57.473 billion.
Management contributed to collapse of Skye Bank
In 2018, the Central Bank of Nigeria (CBN) revoked Skye Bank’s license and set up a bridge bank known as Polaris Bank. Skye Bank’s problems began when it used short-term funds to buy another bank, Mainstream Bank, in 2014, according to Reuters.
The Nigeria Deposit Insurance Corporation (NDIC) had accused the former management of the bank of being major contributors to the bank’s collapse, Reuters reported.
The CBN took over the bank in 2018 and injected N1.3 trillion to recapitalise and rehabilitate it.
As of 2018, the defunct Skye Bank Plc operated 300 branches across the country, employing over 500 staff members.
The bank was accused of poor corporate governance and inept management, which are evident in the loans taken without collateral and repayment.
Strategic Capital Investment Limited emerged as the preferred bidder for Polaris Bank in 2022, paying N50 billion.
It was given 25 years to repay the N1.3 trillion injected by the apex bank into the bank.
Experts call for strong corporate governance
Financial experts have urged other financial institutions to learn lessons from the defunct Skye Bank and strengthen their corporate governance structures.
“Some banks still have issues with corporate governance. It is obvious, from what you have said, that there was a total collapse of corporate governance at the defunct Skye Bank,” said an Abuja-based financial analyst, Uko Amadi.
“I guess the CBN was a bit late and did not act fast. However, banks should begin to examine themselves to ensure that things are done transparently. They are custodians of people’s money but should not act as if the deposits are theirs,” he noted.
An ex-bank worker, Chinyere Ogundamisi, said there was a need for regulators to pay a closer attention to activities of financial institutions.
“I am not for over-regulation because I think there is already over-regulation of the banking system. But I am saying that if you are regulating, get experienced people who know where loopholes should be to do the monitoring. Some persons at the CBN never worked in banks, and cannot detect some sharp practices. So, get people who worked in banks and allow them to do the monitoring.”
Bank keeps mute
Bolarinwa Rasheed, head of Corporate Communications, Polaris Bank, did not respond to questions regarding why the loans were lost even though the people were still alive.
He promised to get back to us but did not do so as at the time of going to press.
Credit: Economy Post
E-Financial
Keystone Bank, Enterprise Devt Centre Sign MoU To Empower SMEs ln Nigeria

Keystone Bank Limited and the Enterprise Development Centre (EDC) of Pan-Atlantic University have signed a landmark Memorandum of Understanding (MoU) to promote Small and Medium Enterprises (SMEs), youth entrepreneurship, and financial inclusion across Nigeria.
The MoU signing ceremony took place at the bank’s head office in Lagos on Tuesday, June 24, 2025.
Speaking at the event, Mrs Nnenna Anyim Okoro, the Executive Director, Corporate and South, Keystone Bank, described the partnership as a bold and strategic step toward accelerating national economic transformation.
According to her, the collaboration underscores Keystone Bank’s unwavering commitment to empowering the next generation of business leaders and fostering an inclusive financial ecosystem.
“At Keystone Bank, we believe that entrepreneurship is the heartbeat of sustainable economic development.
Across Nigeria, MSMEs are not just businesses; they are the dreams and daily struggles of men and women determined to create value, provide jobs, and build a better future. They are, quite literally, the engine room of our national economy.
“Our sponsorship of the Annual EDC SME Conference 2025 and support for the Global Entrepreneurship Week (GEW) Walk reflect our deep belief in the transformative power of small businesses.
“This partnership is also about financial inclusion, youth engagement, capacity building, job creation, and collaboration,” she stated.
Olayemi Sule, Group Head, Retail & Digital Banking, Keystone Bank, emphasized the innovative offerings customers can expect as a result of the partnership.
“Our customers should look forward to a suite of innovative financial products and digital solutions specifically designed to support business growth, enhance financial literacy, and improve market access.
Also speaking, Dr. Nnenna Ugo, EDC board member and Head, Alumni Relations and Support Services at Pan-Atlantic University, expressed optimism about the partnership’s long-term impact.
“We are super excited about this partnership and confident that it will drive transformation for both institutions.
“The EDC was established to build capacity and provide support services for SMEs. In the past 21 years, we have trained over 350,000 entrepreneurs across Nigeria.
“Keystone Bank’s support comes at a critical moment as we scale our programs and expand our reach ahead of the 2025 SME Conference and GEW Nigeria.
“The SME Conference is a powerful platform that brings together key players in the ecosystem each year to address pressing issues affecting small businesses.
“This collaboration strengthens our capacity to engage more entrepreneurs, provide deeper insights, and drive conversations that inspire growth, resilience, and innovation.
“We commend Keystone Bank’s leadership for its vision and dedication to inclusive economic growth. The bank has truly distinguished itself as a champion of enterprise, and we are proud to have them as a strategic partner,” she concluded.
As part of the agreement, Keystone Bank becomes the major sponsor of the 2025 EDC SME Conference and a key supporter of the GEW Walk, a flagship event during Global Entrepreneurship Week Nigeria 2025.
Both events are expected to attract thousands of entrepreneurs, investors, thought leaders, and policymakers, offering a vibrant platform for knowledge-sharing, networking, and business empowerment.
E-Financial
Fidelity Bank Boosts Staff Morale with Mass Promotions and 20% Pay Raise

Fidelity Bank Plc, one of Nigeria’s top-tier financial institutions, has promoted 376 employees following its recently concluded annual performance review exercise.
This represents approximately 12% of the bank’s workforce, underscoring its management’s deep appreciation for the pivotal role played by staff in recoding the highest growth by percentage volumes in the banking industry with 210% increase in its Profit Before Tax (PBT) which grew from N124.3 billion in 2023 to N385.2 billion in 2024.
The announcement, which was recently communicated internally, comes on the heels of a 20% across-the-board salary increase implemented in June 2025—a gesture that reflects the bank’s commitment to staff welfare. It is worth noting that this follows a similar salary adjustment carried out in November 2024.
Under the leadership of Dr. Nneka Onyeali-Ikpe, Fidelity Bank has consistently outperformed market expectations. In 2024, the bank recorded the highest share price growth of 116% in the industry following the completion of its Public Offer which was over subscribed by 238% .
In recognition of the banks stellar performance, global rating agency, Fitch Ratings recently upgraded Fidelity Bank’s National Long-Term Rating from ‘A(nga)’ to ‘A+(nga)’ in a further endorsement of the bank’s financial strength and prudent management. The upgraded ratings reflects improved profitability metrics and robust capital buffers, reinforcing the bank’s sustained upward trajectory.
E-Financial
Fidelity Bank Clears the Air: MD Not Linked to Woobs Case

Fidelity Bank Plc on Wednesday refuted claims that its Managing Director, Dr. Nneka Onyeali-Ikpe, is involved in an ongoing fraud case concerning the account of Woobs Resources.
The Bank’s position follows reports published by Sahara Reporters alleging that Dr. Onyeali-Ikpe was listed as a defendant in the case.
However, documents sighted by Nigeria CommunicationsWeek revealed that the charge sheet dated May 12, 2025, named the defendants as Victor Ukutt, Fidelity Bank Plc, Whoba Ugwunna Ogo, and Safiya Whoba.
A statement by the Office of the Attorney General of the Federation and Minister of Justice dated June 9, 2025, confirmed that Onyeali-Ikpe’s name was struck off the charge list.
The Ministry noted that she was neither the Managing Director nor the account officer at the time the account in question was opened.
The clarification aims to dispel misinformation and uphold the integrity of the institution and its leadership.
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