The Central Bank of Nigeria (CBN) says it has completed the sales of Polaris Bank to Strategic Capital Investment Limited (SCIL), a new core investor
The Central Bank of Nigeria (CBN) says it has completed the sales of Polaris Bank to Strategic Capital Investment Limited (SCIL), a new core investor for N50 billion.
Osita Nwanisobi, director of corporate communications, said this in a statement on Thursday.
Nwanisobi said the investment company acquired 100 percent equity stakes of Polaris Bank.
The statement added that SCIL paid N50 billion to acquire the equity and has accepted the terms of the agreement, which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected into the bridge bank through AMCON, to be repaid over 25 years.
Polaris has been operating as a bridge bank since 2018 when CBN intervened to revoke the licence of the former Skye Bank Plc and established a bridge bank to assume its assets and certain liabilities.
