Polaris bank may collapse over financial threat, suspends 100 managers

Popular Nigerian commercial bank, Polaris Bank is currently facing on financial threat.

It was gathered Friday that Polaris Bank is allegedly owing workers salaries, and have suspended over 100 management staff for having a nonperforming loan ratio above 5%, as reported by Platinum Post.

The report also gathered that the loans were duly approved and interests earned by the bank.

A source also disclosed thaseveralof individuals and SMEs have closed their accounts with the bank and moved their deposits to safer banks.

According to the report, “The management staff of the bank who spoke to our correspondent on condition of anonymity said the bank was looking into these issues but that the story was meant to create panic in the industry. He appealed to customers to exercise patience with the bank while it navigates through the difficult phase.”

At the time of filing the report, no official statement has been released by the bank.