NDIC denies sale of Polaris Bank to Babangida’s son-in-law, insists all Nigerian banks are safe

Written by on August 11, 2022

The Nigeria Deposit Insurance Corporation (NDIC) has maintained that all Deposit Money Banks (DMBs) in Nigeria are safe and sound, denying that Polaris Bank has been sold.

The reaction from NDIC follows recent media reports that Polaris Bank has been secretly sold to a new investor.

The clarification was made by the Managing Director of NDIC, Bello Hassan, on the sideline of a 3-day capacity-building workshop organized by the Legal Department of the corporation for law enforcement agencies at BWC Hotel, Victoria Island, on Wednesday in Lagos, where he also insisted that Polaris Bank is safe and sound.

The NDIC boss also explained that the corporation usually carried out stress tests on banks on a monthly basis, to ascertain their financial soundness.

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