In September 24, 2018, Polaris bank Limited acquired the ailing and near collapse Sky Bank. The acquisition of former Sky bank by Polaris Bank Limited portends that the goodwill and liabilities of the acquired bank rests on the shoulders of the new owners.
The raging scandal of fraudulent practices engulfing several Nigerian Banks in Nasarawa State IGR leaves little to be desired. The exposure of Polaris Bank and others was as a result of forensic audit of Nasarawa State Internally generated Revenue (IGR). According to Nigerian Guild of investigative journalists who carried out the report “On the 29th December, 2016, a Forensic Accounting Consultancy firm based in Lagos was engaged by the Nasarawa State Board of Internal Revenue to assist in the improvement of Internally-Generated-Revenue (IGR) base of excess bank charges, high network individuals, withholding tax on dividends and interest and deposits against banks operating in the State from 29/05/1999 and for an initial period of 4 years based on the firm’s proposal”.
At the conclusion of the exercise, it was alarmingly discovered that Polaris bank deducted but did not remit 10% Withholding Tax on Credit Interest in Nasarawa State. It was consequently established that a total final and conclusive liability against Polaris bank stood at N131,302,177.10 Million
The fragile customer perception of the bank which has been under strict re-engineering process may be another albatross to almost stable activities of Polaris Bank.
Our reporter placed a call to Mr Ndunech Ezerike of Polaris bank to ascertain the position of the Bank on the report but the call was not answered neither did he call back.
