Polaris Bank has been bought over by the Strategic Capital Investment Limited (SCIL) from Asset Management Company of Nigeria (AMCON) and Central Bank of Nigeria (CBN).
According to report, the purchase was done at the rate of 50billion from the central bank and debt collector agency.
CBN’s Director of corporate communications department, Osita Nwanisobi confirmed the sale on Thursday.
Recall that mixed reaction had earlier trailed the bidding process through which Polaris Bank was acquired by Strategic Capital Investment Limited.
Meanwhile, reports had it that the CBN planned to sell Polaris Bank at the cost of N40 billion, but it was eventually sold at N50 billion.
This amount is however less than the N1.2 trillion that the central bank and AMCON had invested in Polaris Bank to revive it after the firm’s license, while it was still known Skye Bank, was revoked and liquidated.
It was gathered that the deal means CBN and AMCON sold Polaris Bank at a loss of N1.15 billion, a situation the House of Representatives was trying to avoid which led to the initial directive from the lawmakers that the central bank should halt the sales.
At least, 35 companies were reportedly invited for the bid, the list was trimmed down to 15, out of which seven were later chosen before Polaris Bank was sold to Strategic Capital Investment Limited.