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Fresh Crisis Rocks Polaris Bank As Shareholders Accuse GMD, Tokunbo Abiru of Fraud

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All appears not to be well with Polaris Bank Limited, a bridge bank created by the Central Bank of Nigeria to take over the assets and liabilities of the defunct Skye Bank as shareholders of the defunct bank have reportedly accused the current management of Polaris Bank, led by its Group Managing Director, Mr. Adetokunboh Abiru of conniving with the CBN to defraud them of their investment.

It was reliably gathered that with the recent takeover of Skye Bank Plc by Polaris Bank, shareholders are now at the risk of losing an estimated N10.69 billion, being the value of the shareholders’ fund.

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However, there have been questions about why the apex bank would revoke license of a bank with a performing management.

We were informed that it was understandable when the Mr Tunde Ayeni-led board was sacked by the CBN as it was alleged that the bank found itself in a non-performing loan mess estimated to be almost N700 billion.

“The criss-cross in the statement of the CBN has thus seen questions being asked with no one ready to answer them.

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“There are some who said if the interim management set up by the CBN to manage Skye Bank for two years could not prevent its eventual fall, why keep the team to run the bridge bank.

“Also, there are those who insist that there is more to the whole development, as they keep asking if the bank would have been put to rest if it was really doing well. There are also those who believe that the hands of the CBN Governor Emefiele might be tied, hence he is maintaining the set of management and board.

“Whatever is the situation, one basic truth is that Polaris Bank in the hands of the same management that couldn’t salvage Skye Bank Plc is only poised to fail except of course if the Asset Management Company of Nigeria (AMCON) can quickly find a buyer before the invested N786 billion is known,” said a source.

Explaining the consequences of the move recently by the apex bank, a Financial Analyst, Tunde Biobaku, said “when a bank is recapitalized, there is always the need to name a new board who will handle the new investment.

“If you use the same set of people, they will run down the business just like they initially did to make the bank need recapitalization in the first place, so what the CBN has done is very confusing because the same guys that couldn’t do well with Skye Bank are now managing Polaris Bank, the end result is already clear, crystal clear.

“They would leave Polaris Bank worse than they met it, you mark my words.”

Boniface Okezie, National Coordinator, Progressive Shareholders Association of Nigeria (PSAN), said that the CBN need to explain its actions to Nigerians for better understanding.

Okezie said the investors should not be allowed to suffer again for the misdeeds and mistakes of the regulations. He called on the Federal Government to investigate the incessant fall of banks in the country, adding that the past management and board of Skye Bank must be made to account of what led to the bank’s misfortune.

“Signs that the apex bank would move in to takeover the bank became obvious when it failed to declare its result under the mandatory window. The announcement of the takeover by CBN came like a surprise to many.

With the same old wine in a new bottle, it is hard to see a flourishing Polaris Bank in the near future, especially in the hands of Tokunbo Abiru, leader of the team” said a source.

 

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SHALINA CELEBRATES 40 YEARS OF TRUST, REITERATES COMMITMENT TO QUALITY HEALTHCARE DELIVERY IN AFRICA

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In celebration of its 40 years in Africa, a leading Afro-focused multinational company, Shalina Healthcare has reiterated its commitment to the delivery of quality healthcare in Africa. Declaring this in Lagos on Friday at the event to wrap up the company’s 2023/24 financial year and celebrate its 40 years of its existence, the Chief Commercial Officer, West Africa of the company, Arun Raj said the company “is determined to continually fulfill its corporate mission of making quality products available to every African at affordable prices.

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According to him;  ” It has been 40 years of trust in Africa and these 40 years,  the people of the continent have also reciprocated the trust in our quality products and healthcare delivery.”

Also, in his corporate presentation as well as new financial year projection, the Head, Corporate Marketing of the Company, Folorunso Alaran said; “the Company is building on the trust Africans have in its products and services over the year and is committed to healthy Africa.  It has been forty years of available, affordable and quality products for Africans.”

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In the words of Mr. Nirmal Jain CEO Shalina consumer Global,

“At Shalina, we believe that every African must have access to good products.  And for the last forty years, we have been trusted for our quality products. And more so, through our many initiatives and healthcare interventions, Shalina has continually raised the bar in healthcare delivery.”

Speaking further, Mr. Debajeet Mukherjee CEO Shalina Pharma Global, posited that; “despite the prevailing economic challenges, we do not waver in delivering our corporate purposes of available, affordable and quality health products. It is our belief that economic challenges should not hinder people’s access to quality healthcare.  Either the economy is good or bad, it shouldn’t affect the lives of the people in an adverse way. Despite the fact that some companies are leaving Nigeria, we are expanding our team in the country.  This is because we have trust and believe in Nigeria.”

In her own presentation at the event, the Company’s Managing Director, Nigeria ,  Opeyemi Akinyele said the company “is focused to become number one brand in Nigeria and continually promote the best of healthcare delivery in the country. ”

“Through our products, activities and interventions we have been doing greatly to ensure that quality healthcare is available and affordable for every citizen. And this is a promise that will remain unbroken ” She said.

Appreciating the members of staff of the company for their commitment and supporting roles in the company, Akinleye said “without you, your roles and efforts, we won’t be here and the successes recorded in the out gone year won’t be possible.  We also rely on your continuous support and commitment in the new year. ”

Meanwhile as part of the company’s end of year activities, many staff members were given awards of excellence in different categories for 2023/24 financial year.  Amongst them were  Lasisi Abiodun, Best Pharma Delegate,  Lawal Abubskar,  Best Medical Delegate,  Ruth Adesua Adewoye,  Best Regional Manager Pharma,  Ganiyu Lateef,  Best CVD Delegate, Mercy Omoji, Best Regional Manager, Consumer, Uzuma Pascal,  Best Zonal Manager, (Global) and  Juliet Ngozi Edward,  Best Consumer Delegate Global .  Winners in other categories included Sandeep Sahu, Folorunso Alaran, Emeka Adimoha, Chiuba Nwaosu among others.

Shalina Healthcare which began its business in Africa in DR Congo in 1984 made entry to Nigeria 25years ago.  It currently has about 2500 staffs globally out of whom 2000 are in Africa.

 

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THE PROPHETIC HALL OF FAME: How I ended “sit at home” in the East, Prophet Godwin Ikuru speaks

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By Collins Nkwocha

One of the major problems of the Eastern region was the “sit at home” menace which crippled business activities in the entire Eastern region; several lives have been lost in the process of enforcing this as the enforcers have always been very cruel and wicked, killing anyone who refuses to obey the order.

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Disturbed by the cruelty of the enforcers and how many lives that have been lost through this act, the prophetic Hall of Fame, prophet Godwin Ikuru of Jehovah Eye Salvation Ministry, Lagos,made a public declaration that “sit at home” was going to be over in the East.

People didn’t believe it when he said it, everyone believed that only the release of Nnamdi Kanu was going to end “sit at home” in the East.prophet Ikuru said that it would stop even while Kanu is still in detention.

Today,”sit at home” has ended in the East, people now go about their normal businesses on Monday.Today, the dreaded “sit at home” enforcers are nowhere to be found, you can do anything or carry out any business activity of your choice on monday because God has honoured the word of his prophet.

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Prophet Godwin Ikuru is one of the best prophets in Nigeria,he remains a major part of the ruling party in Nigeria.He is the major prophet that brought the president to power .

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Ondo Guber: APC Screening Committee Clears Female Aspirant, Funmi Ayinke

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The only female aspirant in the contest for the APC governorship ticket in Ondo state, Engr. (DR) Oluwafunmilayo Ayinke Waheed-Adekojo has been cleared by the screening committee of the All Progressive Congress (APC) at the party’s national secretariat in Abuja yesterday Friday, 12th of April, 2024.

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The screening process which normally involves validation of candidates’ credentials and eligibility to contest was without hassle for Funmi Ayinke as there were no discrepancies in her credentials especially for the fact that she has proven records in the public space confirming her credibility and eligibility for the contest.

When asked about her plans for the people of Ondo state by the committee, Funmi Ayinke expressed the need for Ondo state to evolve using technology and Artificial intelligence which she is very knowledgeable in, narrating how she generated electricity through briquette.

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She stated that Ondo state needs an engineer who is vast in the application of technology which would of course; secure a better position for the state internationally.

‘’I am vast in the knowledge of technology and Artificial intelligence, the world is changing and we can’t continue to remain as we are. We need an engineer who is vast and knowledgeable in all of these. I developed the generation of electricity through briquette so when we have this kind of grace in Ondo state, we should not waste it.’’

Continuing, Funmi Ayinke expressed confidence in securing the party’s ticket because all women in the state have thrown their weight behind her. She noted that many women decided to support her ambition because she has been a source of hope for them before she thought of a governorship ambition.

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Speaking further on the support she has received so far, Funmi Ayinke recounted the massive crowd that besieged her rally ground in Akure without paying a dime.

‘’Women come to me that they want to pay me back with their support because I have been a source of hope for them. Women vote more in Ondo state and I have that confidence that this is my time, I have sown the seed, it’s time for harvest.’’

‘’In the last rally we did, I didn’t pay any women to attend, It was just an open invitation and we shut down the whole of Akure, this means people know what they want and they appreciate the fact that we have the courage to come out. Without woman, there is no vote, no nation.’’

The screening process ended with cheers from the committee, congratulatory messages from officials at the party’s secretariat and prayers of victory from women in the secretariat premises.

 

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