The Central Bank of Nigeria (CBN) has announced the completion of the sale of Polaris Bank to Strategic Capital Investment Limited (SCIL).
CBN’s Director of Corporate Communications, Osita Nwanisobi disclosed this in a statement.
Nwanisobi said the deal was sealed with SCIL by the CBN and Asset Management Company of Nigeria (AMCON).
According to the CBN Director, SCIL has paid N50 billion to acquire 100% of the equity of Polaris Bank and has accepted the terms of the agreement which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected.
Speaking on the transaction, CBN Governor, Godwin Emefiele, said the sale marks the completion of a landmark intervention in a strategic institution in the Nigerian banking sector by the CBN and AMCON.
He said: “We commend the outgoing board and management for their vital role since the bridge bank was established; in stabilizing the Bank’s operations, its balance sheet and implementing strong governance structures to address the issues that led to the intervention.
“This process has provided the CBN with an unprecedented opportunity to recover its intervention funds in full and promote financial stability and inclusive growth.
“We wish SCIL well as they implement growth plans to build the bank from the strong foundations that have been established.”
