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Polaris Bank debunks death reports in Lagos branch fire incident

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Polaris Bank Limited has debunked reports claiming that over 34 persons died in a fire incident at its Broad Street branch in Lagos, describing the claims as false and misleading.

The bank issued the disclaimer in a post on X on Thursday, insisting that there were no casualties or fatalities in the fire incident.

A fire broke out on Thursday afternoon at a multi-storey building housing a Polaris Bank branch on Broad Street, Lagos Island.

The bank said the fire incident, which originated from a customer’s vehicle parked on the third-floor car park, was contained following the activation of its emergency response procedures and the prompt intervention of firefighters.

“A fire incident occurred today at the car park of our Broad Street Branch, Lagos, originating from a customer’s vehicle parked on the 3rd-floor car park.

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“The fire was swiftly contained following the activation of our emergency response procedures and the prompt intervention of firefighters,” the bank stated.

READ ALSO: CBN, Polaris Bank refute liquidation rumors

Polaris Bank said it has commenced investigations to determine the cause of the fire incident, noting that reports claiming that over 34 persons were feared dead are false and misleading.

“We confirm that there were no casualties or fatalities. Reports claiming that over 34 persons were feared dead are false and misleading.

“Investigations into the incident are ongoing. We thank emergency responders, our staff, customers, and stakeholders for their support,” the bank said.

Polaris Bank urged the public to rely only on credible news platforms and its official channels for accurate information and to disregard false reports circulating online.

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Business

Otedola acquires 1.78 billion First HoldCo shares, lifts stake to 25.86%

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Femi Otedola, chairman of First HoldCo Plc, has increased his stake in the financial services group to 25.86 per cent after acquiring 1.78 billion additional shares worth about ₦222.20 billion.

In a regulatory filing on Thursday, First HoldCo disclosed that Mr Otedola, through Calvados Global Services Limited, purchased 1,779,094,976 ordinary shares at ₦124.90 per share. The new share purchase represents 3.91 per cent of the company’s outstanding shares.

Following the transaction, Mr Otedola’s total holding in the banking group rose to about 11.8 billion shares, which is equivalent to 25.86 per cent of the company’s issued share capital.

Based on the company’s share price of ₦122.95 as of 11:24 a.m. (WAT) on 30 July, Mr Otedola’s stake is valued at about ₦1.45 trillion.

READ ALSO: FirstHoldCo delivers massive ₦653.5bn profit before tax in H1 2026

Mr Otedola has steadily increased his investment in First HoldCo since emerging as the company’s largest shareholder in 2021.

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Most recently, on 22 July, he acquired an additional 706.1 million shares valued at ₦77.6 billion, raising his stake to 21.95 per cent at the time. In June, he also purchased 672.9 million shares worth ₦29.6 billion.

The June acquisition was completed during the ₦45 billion second tranche of First HoldCo’s ₦350 billion private placement programme, in which shares were offered at ₦44 per unit.

The group plans to inject the proceeds from the capital raise into First Bank of Nigeria Limited, its flagship commercial banking subsidiary, as part of its capital restoration and broader balance sheet strengthening programme.


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Sovereign Trust Insurance Boost Asset Base by 43% to ₦40.47 billion in H1 2026

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BY NKECHI NAECHE-ESEZOBORSovereign Trust Insurance Plc has released its unaudited financial results for the half-year ended June 30, 2026, showcasing significant balance sheet expansion alongside a contraction in core underwriting revenues.

According to notice filed by the company on the floor of Nigerian Exchange Plc, to all  dealing members and stockbrokers, Sovereign Trust the group’s total assets grew by 43% surging from ₦28.31 billion in June 2025 to ₦40.47 billion in June 2026.

The insurer equity base also went up from ₦12.49 billion to ₦23.20 billion expanding by 86%, signaling robust capital adequacy and underlying balance sheet strength.

Insurance service expenses for the period under review dropped by 51% from  ₦19.55 billion to ₦9.50 billion while net expenses from reinsurance contracts appreciated to ₦11.01 billion, impacting overall operational margins.

Investment returns rose sharply from 1.03 billion in H1 2025 to  ₦2.96 billion in same time of 2026, indicating 188 percent increase, demonstrating effective asset management in a high-yield environment.

While Earnings Per Share stood at 5 kobo for the group (6 kobo at the company level.

Overall, the H1 2026 performance highlights Sovereign Trust Insurance’s resilience in fortifying its capital position and leveraging investment returns to buffer operational shifts in a dynamic macroeconomic environment.

The post Sovereign Trust Insurance Boost Asset Base by 43% to ₦40.47 billion in H1 2026 appeared first on Business Today NG.

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