Polaris Bank to be sold after the 2019 general elections.
The latest bridged financial institution in Nigeria, Polaris Bank Limited, is ready for sale but the process would be on hold for now pending the conclusion of the general elections when publications for Expressions of Interest (EoIs) would commence.
The Asset Management Corporation of Nigeria (AMCON) confirmed the development yesterday through its spokesman, Jude Nwauzor.
The financial institution emerged through a regulatory intervention to take over the assets of Skye Bank, whose operating license was revoked by the Central Bank Nigeria (CBN) following its collapse.
The proposed sale makes four of such exercise in about seven years. Earlier, perceived mismanagement and poor corporate governance had led to the birth of Mainstreet Bank, Enterprise Bank, and Keystone Bank after similar interventions.
CBN, in collaboration with the Nigeria Deposit Insurance Corporation (NDIC), last year, handed over the bank to AMCON after shareholders failed to recapitalize its eroded capital base.
However, N786 billion was injected into the financial institution through AMCON to sustain its operations, thus protecting more than N900 billion depositors’ funds, as well as preserving jobs.