It's been gathered that CBN has confirmed the completion of a Share Purchase Agreement (SPA) for the acquisition of 100percent of the equity in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’).
CBN Governor, Mr Godwin Emefiele, was quoted on 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 Central Bank of Nigeria intervened to revoke the licence of the former Skye Bank Plc and established Polaris Bank to assume its assets and certain liabilities.
A statement issued by the Director, the Corporate Communications Department at the Central Bank of Nigeria (CBN), Osita Nwanisobi, on behalf of the CBN and AMCON 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
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