• Latest
  • Trending
CBN Sold Out Polaris Bank To New Owner For 50 Billion After Rescuing With 1.3 Trillion

CBN Sold Out Polaris Bank To New Owner For 50 Billion After Rescuing With 1.3 Trillion

Nigerian Senate denies viral kiss video says not one of Them

Senate Approves Life Jail Term for Child Defilement in Nigeria

Abia Lawmaker Breaks Bottle on Colleague Over Otti’s Cash Gift

Abia Lawmaker Breaks Bottle on Colleague Over Otti’s Cash Gift

ASUU Strike: Progress on Key Demands, Ministry Denies Prodigy Claim

ASUU Strike: Progress on Key Demands, Ministry Denies Prodigy Claim

Chief of Army Staff Oluyede relocates to Markurdi over Herdsmen Attacks

Former Southern Governor Implicated in Alleged Coup Against Tinubu

Varsity Expels Three Students Involved in Gun Shooting During SUG Election

Varsity Expels Three Students Involved in Gun Shooting During SUG Election

Police Seal Off Rivers PDP Secretariat Over Leadership Dispute

2027: PDP Leaders turn to Coalition Opposition for Help

Israel Resumes Gaza Airstrikes, Dozens Killed Despite Ceasefire

Israel Resumes Gaza Airstrikes, Dozens Killed Despite Ceasefire

Wednesday, October 22, 2025
  • Login
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
iDeemlawful
No Result
View All Result
iDeemlawful
No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
Home Breaking News
CBN Sold Out Polaris Bank To New Owner For 50 Billion After Rescuing With 1.3 Trillion

CBN Sold Out Polaris Bank To New Owner For 50 Billion After Rescuing With 1.3 Trillion

by iDeemlawful
October 20, 2022
in Breaking News
A A
0

The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) have announced the completion of a Share Purchase Agreement (SPA) for the acquisition of 100 percent of the equity in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’).

The House of Representatives on Wednesday okayed the sale of Polaris Bank, noting that the acquisition followed the laid down procedure and the relevant presidential approval.

A statement by CBN’s Director of Corporate Communications Osita Nwanisobi, said: “SCIL had paid an upfront consideration of N50 billion to acquire 100 percent of the equity of Polaris Bank and had also accepted the terms of the agreement which includes the full repayment of the sum of N1.305 trillion, being the consideration bonds injected.

SeeThese

JUST IN: Governor Adeleke cast his votes as Osun LG poll begins

Meranda presides over Lagos Assembly plenary amidst Tension

JUST IN: Lagos Assembly Speaker, Mojisola Meranda faces mounting pressure to step down

“The CBN thus received an immediate return for the value it has created in Polaris Bank during the stabilization period, as well as ensuring that all funds originally provided to support the intervention are recovered.

ADVERTISEMENT

“The sale was coordinated by a Divestment Committee (the ‘Committee’) comprising representatives of the CBN and AMCON, and advised by legal and financial consultants. The Committee conducted a sale process by ‘private treaty’, as provided in Section 34(5) of the AMCON Act to avoid negative speculations, retain value and preserve financial system stability.

“In the process, parties who had formally expressed an interest in acquiring Polaris Bank, subsequent to the CBN intervention in 2018, were invited to submit financial and technical proposals. Invitations to submit proposals were sent to 25 pre-qualified interested parties, out of which three parties eventually submitted final purchase proposals following technical evaluation.

“All submissions were subject to a rigorous transaction process from which SCIL emerged as the preferred bidder having presented the most comprehensive technical/financial purchase proposal as well as the highest rated growth plans for Polaris Bank,” the statement added.

CBN Governor Godwin Emefiele was quoted as saying that the sale of the bank “marks the completion of a landmark intervention in a strategic institution in the Nigerian banking sector by the CBN and AMCON.”

Polaris has been operating as a bridge bank since 2018 when the CBN intervened to revoke the licence 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) were injected into the bridge bank through AMCON to be repaid over a 25-year period.

The CBN noted that “the 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

Tags: Central Bank of NigeriaiPadPolaris Bank
Previous Post

UK Prime Minister Liz Truss’ Resignation Letter, Reasons [Full Texts]

Next Post

PDP to hold presidential rally in Edo Tomorrow, Saturday

Next Read

Chief of Army Staff Oluyede relocates to Markurdi over Herdsmen Attacks
Breaking News

Former Southern Governor Implicated in Alleged Coup Against Tinubu

...

Read moreDetails
Teen Denies Sexual Assault Allegation Against PDP Chieftain in Kwara
Breaking News

Teen Denies Sexual Assault Allegation Against PDP Chieftain in Kwara

...

Read moreDetails
Wife-battering:  Court Dissolves Pastor’s Marriage
Breaking News

Man Beats Lady Who Rejected His Marriage Proposal

...

Read moreDetails
Man arrested for Raping a 12-year-old girl in Lagos
Breaking News

Police Launch Probe into Officers Filmed Wearing Cult Insignia

...

Read moreDetails
Aba Women Riots, Ali Must Go, EndSar,— Five Major Protests That Shaped Nigeria
Breaking News

Aba Women Riots, Ali Must Go, EndSar,— Five Major Protests That Shaped Nigeria

...

Read moreDetails
Nigerian Military Arrests 16 Officers Over Alleged Coup Plot to Oust Tinubu
Breaking News

Nigerian Military Arrests 16 Officers Over Alleged Coup Plot to Oust Tinubu

...

Read moreDetails
FG Issues New Guidelines for Reciting Nigeria’s National Anthem
Breaking News

FG Issues New Guidelines for Reciting Nigeria’s National Anthem

...

Read moreDetails
Maryam Sanda, Sentenced to Death for Killing Husband, Receives Tinubu’s Pardon
Breaking News

Tinubu Govt to Review Clemency Granted to Maryam Sanda, Others

...

Read moreDetails
Next Post
Court Slates February 22 To Decide Former VP, Atiku’s Citizenship Status

PDP to hold presidential rally in Edo Tomorrow, Saturday

BREAKING: Prince Charles succeeds Queen Elizabeth as king

Flooding: King Charles III writes Buhari, expresses sympathy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

iDeemlawful

Copyright © 2019 iDeemlawful.

Useful Links

  • About
  • Advertise
  • Editorial
  • Support

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Copyright © 2019 iDeemlawful.