CBN Sells Popular Commercial Bank
Yesterday in Abuja, the Central Bank of Nigeria (CBN) announced the completion of the sale of a popular commercial bank; Polaris Bank.
This was disclosed by Mr Osita Nwanisobi, CBN’s Director, Corporate Communications in a press statement.
Nwanisobi announced that the new core investor in the bank is Strategic Capital Investment Limited, disclosing that the deal was sealed with SCIL by the CBN and Asset Management Company of Nigeria (AMCON).
“Polaris has been operating as a bridge bank since 2018 when the Central Bank of Nigeria intervened to revoke the license of the former Skye Bank Plc and established Polaris Bank to assume its assets and certain liabilities. As part of the CBN intervention, consideration bonds with a face value of N898 billion (future value of N1.305 trillion) was injected into the bridge bank through AMCON, to be repaid over a 25-year period. These actions were taken to prevent the imminent collapse of the bank, enable its stabilisation and recovery, protect depositors’ fund, prevent job losses and preserve systemic financial stability.”
“SCIL has paid an upfront consideration of 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. The CBN thus received an immediate return for the value it has created in Polaris Bank during the stabilisation period, as well as ensuring that all funds originally provided to support the intervention are recovered.
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