Polaris bank is duly registered with corporate affairs – NDIC

The Nigeria Deposit Insurance Corporation (NDIC) has debunked reports that Polaris Bank is not registered with the Corporate Affairs Commission (CAC).

The Managing Director of NDIC, Umar Ibrahim, while speaking on the sideline of the ongoing Africa Regional Committee Technical Assistance workshop in Lagos on Wednesday said, “it is not possible to issue a bank license to a company that is not registered.

“Go back and check properly, Polaris is no longer a bridge bank, it is a full fledge bank and they have taken off smoothly with the Asset Management Corporation (AMCON) as the major investor.”

Ibrahim further disclosed that investigations are ongoing with a view to bring management of the defunct Skye bank to justice where found culpable.”