AMCON To Sell Polaris Bank After 2019 Elections

AMCON Seek Buyers For Polaris Bank

The Asset Management Corporation of Nigeria (AMCON) has declared that it would sell off Polaris Bank after the 2019 general elections in the country.

Jude Nwauzor, the AMCON spokesman was quoted by Reuters, as making the declaration on Tuesday.

Speaking on plans for the sale of the bank, Nwauzor said: “The election season has slowed down things. We would advertise for expressions of interest from investors after elections and commence the sale process”.

Naija News recalls that Godwin Emefiele, Governor of the Central Bank of Nigeria, had in September 2018, announced the revoking of the licence of the now defunct Skye Bank.

Polaris was established as a bridge bank to assume the assets and liabilities of the bank.

Emefiele had said: “As a responsible and responsive regulator and in consultation with the Nigerian Deposit Insurance Corporation (NDIC), we have decided to establish a bridge bank, Polaris Bank, to assume the assets and liabilities of Skye Bank. The strategy is for the Asset Management Company of Nigeria (AMCON) to capitalise the Bridge Bank and begin the process of sourcing investors to buy out AMCON. By this decision, the licence of the defunct Skye Bank is hereby revoked.”

The CBN also injected about N800billion in Polaris Bank following the inability of Skye bank shareholders to raise fund needed to save the bank from collapse.