BREAKING!!! Polaris Bank For Sale After 2019 Elections

Follow 9News Nigeria On Social Media

Social sharing

The Asset Management Corporation of Nigeria (AMCON) says Polaris Bank will be put up for sale after the 2019 elections.

According to Reuters, this was disclosed by Jude Nwauzor, the AMCON spokesman, on Tuesday.

Speaking on plans for the sale of the bank, Nwauzor said: “The election season has slowed down things. We would advertise for expressions of interest from investors after elections and commence the sale process”.

In September 2018, Godwin Emefiele, Governor of the Central Bank of Nigeria, had announced the revoking of the licence of defunct Skye Bank. Polaris was established as a bridge bank to assume the assets and liabilities of the bank.

Emefiele had said: “As a responsible and responsive regulator and in consultation with the Nigerian Deposit Insurance Corporation (NDIC), we have decided to establish a bridge bank, Polaris Bank, to assume the assets and liabilities of Skye Bank. The strategy is for the Asset Management Company of Nigeria (AMCON) to capitalise the Bridge Bank and begin the process of sourcing investors to buy out AMCON. By this decision, the licence of the defunct Skye Bank is hereby revoked.”

He had also noted that the CBN invested about N800billion in Polaris Bank, and as such, the bank’s name had to change in order to reflect the new ownership structure.

READ ALSO  Earning ₦200K Monthly In Nigeria Is Better Than £2000 In UK - Allen Onyema

In consultation with the Nigerian Deposit Insurance Corporation (NDIC), a bridge bank — Polaris — was set-up for the recapitalisation, as the shareholders of Skye Bank were not able to raise the needed funds to keep the bank afloat.

Leave your comment on this post

THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN

WATCH THE CRITICAL ANALYSIS AND KNOW THE RESPONSIBLE PARTIES TO BLAME FOR NIGERIA'S ECONOMIC CHALLENGES, WHILE CITIZENS ENDURE SEVERE HARDSHIPS.

Watch this episode of ISSUES IN THE NEWS on 9News Nigeria featuring Peter Obi's Special Adviser, Dr Katch Ononuju, 9News Nigeria Publisher, Obinna Ejianya and Tinubu Support Group Leader, McHezekiah Eherechi

The economic crisis and hardship in Nigeria are parts of the discussion.


Watch, leave your comments, and share to create more awareness on this issue.


#9NewsNigeria #Nigeria #issuesInTheNews #politics #tinubu THE ROTTEN FISH: CAN OF WORMS OPENED ...
DON'T FORGET TO SUBSCRIBE AND LEAVE YOUR COMMENTS FOR SUBSEQUENT UPDATES
#9newsnigeria #economia #economy #nigeria #government @9newsng
www.9newsng.com

Leave your comment

Click on the link below or Scan the QR Code to join the 9News Nigeria WhatsApp Channel

9News Nigeria Investigative Reports WhatsApp Channel
9News Nigeria Investigative Reports WhatsApp Channel
About Wisdom Nwedene 11517 Articles
Wisdom Nwedene studied English Language at Ebonyi State University. He is a writer, an editor and has equally interviewed many top Nigerian Politicians and celebrities. For publication of your articles, press statements, contact him via email: nwedenewisdom@gmail.com

Be the first to comment

Leave your comment