AMCON has revealed that Polaris bank will be put up for sale barely four months after it was taken over from Skye Bank.
According to reports, the Asset Management Corporation of Nigeria (AMCON) has said Polaris Bank will be sold after the 2019 elections.
Reuters reports that this information was made known by Jude Nwauzor, the spokesperson for AMCON on Tuesday.
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”.
Godwin Emefiele, Governor of the Central Bank of Nigeria, back in September 2018, announced that the licence of the defunct Skye Bank had been revoked. Polaris was created 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.”
