Former Governor of Cross Rivers State, Donald Duke has made a major revelation.... CLICK TO READ THE FULL NEWS HERE▶▶
He has revealed how former Central Bank Governor, Godwin Emefiele snubbed ex-Vice President, Yemi Osinbajo’s intervention for due process in a deal that would have boosted the confidence of foreign investors in the nationś economy when they were in office.
Duke disclosed that in 2022, Google Finance, the independent business arm of the global search engine giant, Google expressed interest in acquiring Polaris Bank.
The bank with increased deposit mobilization from N1.14 trillion to N1.76 trillion – a 54 percent improvement over the previous year – is widely regarded as the strong leader in the digital bank space with its out-of-this-world-multi -award-winning-pathfinder, VULTe as an incomparable unique selling point.
“Christian Udechukwu, the current Commissioner for Industry in Anambra State, previously represented various interests, including Google Finance. Google Finance showed interest in the Nigerian banking sector, specifically in Polaris Bank. They approached the Central Bank under Governor Emefiele to conduct due diligence on the bank, but their request was denied” Duke, who explained that he was involved in the deal along with Udechukwu, revealed at the launch of ‘Power of One Man: How the Soludo Engineered Consolidation Transformed Nigerian Banks to Global Players’, the book in honour of Governor of Anambra state – and former Governor of the Central Bank of Nigeria – Charles Chukwuma Soludo.
Faces at the launch of ‘Power of One Man: How the Soludo Engineered Consolidation Transformed Nigerian Banks to Global Players’
” We escalated this matter to Vice President Yemi Osibanjo, and he (Osinbajo) invited the Governor of CBN and said that if Google has taken an interest in our banking sector, it shows that there is something worth looking at in the sector. Don’t deny them, and let them carry out their due diligence. But he (Emefiele) said no, Mr. Vice President; the Bank has been reserved for certain special interests. Google Finance (the investors) were refused, and that sends a very bad signal for international investors” the former Governor added at the event that was held on July 6, 2024.
Osinbajo’s strong advisory on consideration of the interest from Google Finance as well as due diligence – snubbed by Emefiele in the revelation by Duke – to see if the stipulated conditions for the acquisitions of Polaris Bank would be met, was to ensure high-impact transparency in a deal that would have boosted the fortune of the nation’s economy beyond measures through its apparent and inherent gains – if it was sealed.
Emefiele is currently facing prosecution for an array of charges centred around abuse of office and corruption while in office, by the anti-graft agency, Economic and Financial Crimes Commission (EFCC).
Duke represented former President Olusegun Obasanjo at the launch of the book in honour of Governor Soludo written by veteran journalist respected across sectors, Dr. Ray Echebiri.
Some of the awards won by Polaris Bank/VULTe
Checks revealed Google Finance’s interest in the bank that grew its loan book by 138 percent – from N261 billion in 2019 to N622 billion – in 2023 is one of others from foreign investors in moves linked to the depth of Polaris Bank’s “digital-first” approach and consistency in improved year-on-year performance that has boosted gross earnings from from N121 billion to N197 billion ( 63% increase).
With a recorded year-on-year profitability since 2018 and propelled by star product – VULTe, Polaris Bank’s exploits in the digital bank arena has attracted far and wide recognition including the Nigeria Fintech Award, where it was awarded the Best Digital Bank: VULTe; the Business Day Awards as the Best Digital Bank of the Year; and the African Digital Bank of the Year by the African Leadership Award.
