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CBN Sells Polaris Bank for 50 billion

CBN Sells Polaris Bank for 50 billion

Nigeria’s apex bank, the Central Bank of Nigeria -CBN, and the Asset Management Company of Nigeria -AMCON on Thursday, October 20, confirmed the sales of Polaris Bank.

This is coming after the completion of a Share Purchase Agreement -SPA for the acquisition of a 100 % stake in Polaris Bank by Strategic Capital Investment Limited- SCIL. 

The House of Reps had okayed the sale of the bank, noting that the acquisition followed the laid down procedure and the relevant presidential approval earlier on Wednesday, October 19.

The Chairman of the House ad-hoc Committee investigating the purchase of Polaris Bank, Henry Nwabuba, had told pressmen that 35 companies had bided for the bank.

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In a statement issued by its Director of Corporate Communications, Osita Nwanisobi, the CBN disclosed that SCIL had paid an upfront of N50 billion to acquire a 100 percent stake in Polaris Bank. SCIL had also accepted the terms of the agreement, including the full repayment of the sum of N1.305 trillion as the value of the bonds when the license of the former Skye Bank Plc was canceled in 2018, to assume its assets and some liabilities.

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