CBN, AMCON sell Polaris Bank to SCIL at N50bn



By Emma Ujah,  Abuja Bureau Chief

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

This is even as the House of Representatives on Wednesday okayed the sale of the bank, noting that the acquisition followed laid down procedure and the relevant presidential approval. 

A statement issued by the Director, Corporate Communications Department at the Central Bank of Nigeria (CBN), Osita Nwanisobi, on behalf of the CBN and AMCON, yesterday, disclosed that SCIL had paid an upfront consideration of N50 billion to acquire 100% of the equity of Polaris Bank and had also accepted the terms of the agreement which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected. 

According to the statement,…

Source: Vanguard Newspaper