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Corporate Press Releases

Polaris Bank sustains profit growth with N28.9bn (PBT) in 2020 financial year

…Records 4% increase in Profit Before Tax (PBT) Year-on-Year despite challenging business environment.

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  • Assets hit N1.2tr and ROA of 2.4%
  • Performance indicates management depth and sustainability

Polaris Bank Limited has released its full-year audited financial results for the year ended December 2020 posting a Profit Before Tax (PBT) of N28.9billion. The results which show the Bank’s second year performance scorecard after two years of operation, have further consolidated the Bank’s position as focused on the path of profitability, growth, and value creation.

Details of the results show that its year 2020 performance reflects a 4% Year on Year (YoY) increase in Profit before Tax (PBT). The performance according to the financial statements is driven by the combination of the significant reduction in interest expense due to the Bank’s pursuit of low interest-bearing deposits as well as lowering impairment charges on loans and other financial assets. The Bank recorded Return on Asset (ROA) and Return on Equity (ROE) of 2.4% and 29.4% respectively which favorably place the Bank as a key player in the industry. The Bank’s Total Assets stood at N1.18trillion, a 3% growth on the previous year while Shareholders Funds grew by N14billion (17%), largely attributable to internally generated profits. The Bank increased its Customer Deposits by N56billion, predominantly low-cost deposits in spite of difficult economic and industry conditions, and increased its gross loan book by N38biilion reflecting the Bank’s modest and prudent risk strategy to grow its Portfolio of Quality loans for optimal interest income generation.

Commenting on the Bank’s performance, the Managing Director/Chief Executive Officer (MD/CEO) of Polaris Bank Limited, Mr. Innocent C. Ike who took over in the course of the year from Mr. (now Senator) Tokunbo Abiru explained that “Polaris Bank has achieved significant milestones since its inception in September 21, 2018 when we started this journey. We have since grown to earn the confidence of the banking publics, offering quality banking services at the cutting edge of technology”. Continuing, he noted, “2020 was arguably the most challenging year that the world has faced in decades owing to the negative impact of COVID-19 on businesses and the economy. Yet, the current result demonstrates the importance of the deployment of appropriate strategies, and effectively validates our recent investment in technology solutions and digitization of our products and processes,” he added.

He explained that the Bank’s subsisting three-year Corporate Transformation Plan has recently been reviewed in line with the changing operating environment and trend dynamism for sustainable value creation. Digital transformation remains one of the potent strategies to strengthen the Bank’s balance sheet, control costs, and improve processes while providing clients with wider self-service offerings.

In the view of some financial analysts, Polaris Bank’s remarkable achievements in 2020 are a testament of her consolidation of its 2019 performance, relevance of the Bank’s new Corporate Strategy, management depth and good Corporate Governance.

The Board and Management of Polaris Bank have demonstrated strong commitment towards professionalism and business ethics by upholding sound risk management practices and proactively taking measures to ensure the Bank is on the path of value creation and sustainability. Polaris Bank’s performance in FY’20 reflects commendable improvements in key performance indicators, assuring a strong positive outlook for earnings, margins and profitability, a cautious pursuit of loan growth, a sustained strategy for operational efficiency, funding cost optimization, and efficient deposit mix. The headroom for loan creation no doubt presents an opportunity for improved margins.

Going into the year 2021 and despite the challenging macroeconomic environment, the Bank is poised to reap the benefits of its investment in both digitization and the capacity of its employees to improve service experience.

Polaris Bank is a future-determining bank committed to delivering industry-defining products, services, and digital platforms across all the sectors of the Nigerian economy. The Bank is a member of the United Nations Environment Programme Finance Initiative (UNEP FI), which seeks to engage the private sector and the global financial sector to help create a financial sector that serves people and the planet while delivering positive impact.

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    Corporate Press Releases

    Heirs Oil & Gas announces CEO and Board appointments

    …Welcomes former senior Shell executive, Osayande Igiehon, as CEO.

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    Heirs Oil & Gas announces CEO and Board appointments

    Heirs Oil & Gas (HHOG), the leading African integrated energy company, has announced the appointment of Osayande Igiehon as Chief Executive Officer, effective May 4, 2021, together with a distinguished non-executive board, bringing together leading industry figures, with considerable global and regional experience.

    Heirs Holdings Limited’s (HH) portfolio company, HHOG, completed the acquisition of OML17 in January 2021, in one of the largest oil and gas financings in Africa in more than a decade, with a financing component of US$1.1 billion. The transaction represents a further implementation of the HH Group strategy of creating the leading integrated energy business in Africa. Through a series of strategic portfolio holdings, HH is executing this strategy. Most recently, affiliate company, Transcorp made a US$300 million acquisition of Afam Power, increasing the Group’s installed electricity generating capacity to 2,000MW.

    READ: Seplat Petroleum seals Crude Purchase Agreement with Waltersmith Petroman Oil Limited

    Mr. Igiehon, who joins from the Royal Dutch Shell (Shell), where he was previously a Vice-President with the Group in the Hague, Netherlands. He brings over twenty-seven years of experience and expertise in the oil and gas sector with Shell, where he held a series of senior management positions. Mr. Igiehon previously served as Chairman and Chief Executive Officer of Shell Gabon, where he led the successful turnaround of the operational, safety and financial performance.

    HHOG is also pleased to announce the appointment of the following distinguished private sector and senior industry leaders to the Board:

    • Tony O. Elumelu, CON is the Chairman of Heirs Holdings, the United Bank for Africa (UBA), Transnational Corporation of Nigeria (Transcorp), and Founder of the Tony Elumelu Foundation.
    • Sally Udoma who previously served as general counsel for Chevron Europe, Eurasia, and the Middle East Exploration and Production. Previously, she was general counsel for Sasol Chevron Consulting Limited and managing counsel at the London Legal Service Centre for Chevron Global Upstream and Gas. She has also served as general counsel and general manager for Chevron Nigeria Limited.
    • Anil Dua is a founding partner at Gateway Partners Limited, a private equity fund specialising in dynamic growth markets including Africa, the Middle East and Asia. Prior to this, Mr. Dua worked for over thirty-five years with Standard Chartered Bank in Asia, Africa, Europe and the US, where he held various roles including Regional CEO West Africa and Regional Head of Origination and Client Coverage, Africa.
    • Ahmadu Kida Musa who previously served as Deputy Managing Director of Total Exploration and Production Nigeria Limited, has over thirty-two years of experience in the Oil and Gas industry and brings considerable expertise in Nigerian oil and gas.
    • Stanley Lawson currently serves on the board of Transnational Corporation of Nigeria Plc. He is Managing Partner at Financial Advisory & Investment Consultants Ltd. Dr Lawson previously occupied the position of Group Executive Director-Finance & Accounts at Nigerian National Petroleum Corp.
    • Samuel Nwanze is the Chief Finance Officer at Heirs Oil and Gas. Prior to this he was the Chief Investment Officer at Heirs Holdings responsible for investment and capital management.

    READ: Afreximbank disburses $250 million to TNOG to acquire 45% stake in oil lease

    Commenting, Mr. Igiehon stated:

    “HHOG represents an extraordinary opportunity, to create Africa’s first true integrated energy company, with a mission to ensure that Africa’s natural resources are directed toward value creation in Africa, powered by sustainable, robust and abundant African energy. I am excited to join the Heirs Oil and Gas leadership team and look forward to the opportunity to transform the energy sector, purposefully address Africa’s energy needs and improve the lives of people across Africa.”

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    The Chairman of the Board, Tony O. Elumelu, CON, stated: “I am delighted to welcome our new board members. We are building a role model institution for African businesses and our investment in human capital is a further strong demonstration of our intent. The regional and global expertise of our board members will serve to further drive value creation to our continent, as we execute our goal of becoming Africa’s largest, indigenous, integrated, energy company.”

    Heirs Oil & Gas is a leading African, indigenous owned, integrated energy company, headquartered in Nigeria, whose assets include Nigerian oil block OML17, with a current production capacity of 30,000 barrels of oil equivalent per day and 2P reserves of 1.2 billion barrels of oil equivalent, with an additional 1 billion barrels of oil equivalent resources of further exploration potential.

    Heirs Oil & Gas (HHOG) is jointly owned by Heirs Holdings, the leading African strategic investor and affiliate company Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s largest publicly listed conglomerate.

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    Corporate Press Releases

    Applications across Nigeria, South Africa and Kenya now open for the 2021 Facebook Community Accelerator Program

    The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.

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    Facebook

    Today, Facebook is inviting community leaders from Nigeria, South Africa and Kenya to apply for the 2021 Facebook Community Accelerator Program—a program that offers participants training, mentorship and up to $50,000 USD in funds to invest in an initiative that extends their community’s positive impact.

    The aim of the Community Accelerator is to help leaders of Facebook communities to harness the power of their community to turn ideas into action. The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.

    Lessons include community identity foundations, leading action-oriented programmes and sustainability. Participants will also receive early access to new Facebook products aimed at helping communities better manage and activate their members.

    Plan an initiative

    Participants will identify an important initiative that will create a positive impact on the broader world and develop a plan to mobilise their community around their goal. Initiatives will be shared with potential partners, mentors and a panel of judges for the chance to be awarded funding and receive public recognition.

    Participants will then spend three months executing their initiatives. They will collaborate with advocates and leaders in the community space and work with the Facebook team to bring their ideas to life.

    Says Kiran Yoliswa, Partner Management Lead, Middle East and Africa Community Partnerships at Facebook: “Facebook communities and their leaders are helping to resolve social challenges, sharing knowledge and information, while connecting with others that share their interests or passion for a cause. We’ve seen so many incredible communities from across South Africa, Kenya and Nigeria using our platform to drive change and provide support and encouragement for thousands of people, we’re excited to offer their Facebook Community leaders this program to help amplify their impact even more.”

    How to apply

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    This program is open to communities that have a presence in Facebook Groups with leaders who are 18 years or older. Communities must have existed for over one year and must have a minimum size of 1,000 members. Applications open today, May 4 – 31, 2021.

    The Community Accelerator is part of our Facebook Community Leadership Program, a global initiative that invests in people building communities. Learn more and apply here.

    You can find out more about the 2020 Community Accelerator cohort and those who received additional funding here.

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