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Entrepreneurs, customers share pleasant testimonies at Polaris Bank sponsored Fashion Souk

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Lagos, Nigeria; December 13, 2023 – Polaris Bank, Nigeria’s premier digital retail Bank, showcased its unwavering commitment to supporting MSMEs by taking center stage as the headline sponsor of the recently concluded two-day Fashion Souk in Lagos.

The Fashion Souk, an electric congregation of fashion enthusiasts, witnessed a surge of businesses eager to secure grants through an intense pitch competition. Beyond financial assistance, Polaris Bank emphasized customer satisfaction, ensuring an exciting fashion experience with operational POS machines and seamless transactions via the award-winning VULTe app.

The event’s high point was the business pitch competition, where three outstanding businesses emerged as grant winners from the shortlisted 73 participating firms. The eco-friendly Man ‘n’ Queens from Ibadan secured the grand prize of One Million Naira. While Hozy Dare Clothing, the first runner-up, celebrated with a grant of Five Hundred Thousand Naira, and Il’ese, the second runner-up, received Two Hundred and Fifty Thousand Naira.

Speaking at the grant presentation, Polaris Bank’s Chief Digital Officer (CDO), said, “These prizes reflect Polaris Bank’s commitment to MSME growth, and we will continue, as a Bank to support and provide opportunities for entrepreneurs and businesses to scale.”

Amidst the runway shows and a raffle draw for shoppers, Ijeoma Okolo, goldsmith and owner of 2groom Handsmade, lauded Polaris Bank for supporting MSMEs’ growth. She showcased her exquisite jewelry line, featuring Nigerian-sourced gemstones.

Another participant, Adegbaye Adewale, Founder of KIJIPA, Nigeria’s leading indigenous Couture, described the Souk as an ‘amazing platform’ for certified fashion entrepreneurs, and commended Polaris Bank as a ‘smart Bank’ for identifying with the fashion sector to grow it.

Polaris Bank’s dedication to business growth and customer satisfaction at the Fashion Souk underscores its commitment to fostering innovation in the MSME sector and driving Nigeria’s economic development which has seen it recognized as Nigeria’s MSME Bank of the Year at last BusinessDay Bank & Other Financial Services Award (BAFI) ceremony which held in November 2023 in Lagos.

As a digital-forward Bank, Polaris continues to lead the way in customer-focused partnerships, reshaping both businesses and communities.

 

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Speaker, 14 other River State assembly members decamp to APC

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15 members of the Rivers State House of Assembly, led by Speaker Martin Amaewhule, have left the Peoples Democratic Party, PDP, for the All Progressives Congress, APC.

Amaewhule disclosed the lawmakers’ decision during Friday’s plenary, attributing their defection to what he called a “clear division” within the PDP.

“Distinguished colleagues, very happily, let me announce that your Speaker has decided, and has indeed written to my ward chairman of my decision, to leave the PDP. APC is my new party,” Amaewhule said.

Amaewhule’s Deputy, Dumle Maol, is one of the 16 lawmakers that joined APC as well.

All the lawmakers, who have jumped ship, are core loyalists of the Minister of the Federal Capital Territory, FCT, Chief Nyesom Wike.

 

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CBN rolls out new directives to track financial fraud

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The Central Bank of Nigeria,has rolled out a new framework ito expedite handling of fraud accusations and refund victims.

Customers must report suspected fraudulent transactions within 72 hours under this draft guideline, and financial institutions have 16 working days to look into the matter and repay money.

The action comes in the wake of a dramatic increase in banking sector fraud.

According to data from the Financial Institutions Training Center, losses in the first quarter of 2025 increased to ₦3.29 billion, a startling 603 percent increase over the previous year. In the same time frame, reported cases also increased to 12,347.

The November 26, 2025, proposed regulations seek to improve bank accountability, expedite reimbursements, and boost prevention.

Director of the Financial Policy and Regulation Department Rita Sike signed the circular, which describes stricter regulations intended to prevent fraud before it occurs.

The apex bank’s ongoing fight against financial fraud has advanced with the adoption of this guidance. To enhance cooperation between operators, it established the Nigeria Electronic Fraud Forum in 2011.

It directed banks to establish specialized fraud bureaus four years later. By requiring BVN or NIN for account opening, it reinforced Know Your Customer checks in 2023.

 

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DSS arrests medical doctor treating wounded terrorists

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Operatives of the Department of State Service have arrested a medical doctor treating wounded kidnappers inside the forest in different parts of Kwara State.

The suspect, whose name could not be ascertained at press time, was also involved in supplying drugs to kidnapping gangs operating in Kwara.

The DSS intercepted the medical doctor in the Jebba area after intelligence reports revealed that some couriers had been moving medical supplies from Sokoto to treat wounded bandits hiding in forests across the state.

A security official said many of the criminal groups have sustained gunshot injuries in recent encounters with forces.

The source said, “So, we are advising improved security measures in health facilities in thickly forested areas which the kidnappers may target.”

Confirming the development, the Chief Press Secretary to the Governor of Kwara State, Rafiu Ajakaye, said the arrest was another significant breakthrough in ongoing efforts to combat banditry.

Ajakaye noted that the state government will continue to strengthen collaboration with security agencies to shut down all channels aiding kidnapping activities.

 

 

 

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