By Olalere Ojedokun A report being syndicated by a section of online media with the title: Polaris Bank loses N26bn loans granted to 6 ex-directors without collaterals, made several claims in figures, interpretations and practices. Claim 1. POLARIS Bank has lost N26.005 billion worth of loans granted to 6 ex-directors, mostly without collateral. This claim is untrue, founded primarily on lack of understanding of accounting principles and convenient disregard of the denotative dates and notes to the accounts. The story was based on the audited accounts and report for the…
Read MoreFACT-CHECKING THE STORY: POLARIS BANK LOSES N26BN LOANS GRANTED TO 6 EX-DIRECTORS WITHOUT COLLATERALS
