AMCON to source buyers for Polaris Bank after general elections

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The Assets Management Corporation of Nigeria (AMCON) has disclosed that it will commence the process of selling Polaris Bank Limited immediately after the general elections.

This was revealed in an interview with AMCON’s head of communications, Jude Nwauzor.

It will be recalled that Polaris Bank was set up as a bridge bank to take over the assets of Skye Bank, which collapsed and had its operating licence revoked by the Central Bank of Nigeria, CBN. It was then transferred temporarily to the state-owned bank for sale to investors.

Nwauzor explained that the pre- election activities, especially the presidential election taking place in February 16, have slowed the process.

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“The election season has slowed down things. We would advertise for expressions of interest from investors after elections and commence the sale process,” he added.

“The capitalisation of Polaris Bank Limited is being done by the Assets Management Corporation of Nigeria through the injection of about N786 billion to return the bank to soundness and profitability so as to enable its subsequent sale to credible and financially sound third-party acquirers,” Godwin Emefiele, governor of the Central Bank of Nigeria, had said when the licence was revoked.

Nwauzor stated that the agency is working assiduously to recover the non-performing loans (NPLs) owed to Polaris, adding that AMCON has asked for repayment proposals.

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