The Central Bank of Nigeria (CBN) has completed the sales of Polaris Bank to a new core investor Strategic Capital Investment Limited (SCIL).
This is according to a statement by the CBN Director of Corporate Communications Osita Nwanisobi who said the investment company got 100 percent equity stakes in Polaris Bank.
The Thursday statement said that SCIL paid N50 billion upfront to acquire the equity. The bank has been operating as a bridge bank since 2018 when the apex bank intervened to revoke the licence of the former Skye Bank Plc and established a bridge bank to assume its assets and certain liabilities.
READ ALSO: [Electricity] Buhari Restates Commitment To Partnership With Germany, Siemens
“This sale marks the completion of a landmark intervention in a strategic institution in the Nigerian banking sector by the CBN and AMCON. We commend the outgoing board and management for their vital role since the bridge bank was established; in stabilising the Bank’s operations, its balance sheet and implementing strong governance structures to address the issues that led to the intervention,” he quoted Godwin Emefiele CBN governor as saying on Thursday.
“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.”