Home News AMCON: Polaris Bank For Sale After 2019 General Elections

AMCON: Polaris Bank For Sale After 2019 General Elections

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The Assets Management Corporation of Nigeria (AMCON) has said it would begin the process of seeking buyers for Polaris Bank after the general elections.

AMCON spokesperson, Jude Nwauzor, told Reuters on Tuesday that electioneering activities have slowed things down.

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

Polaris Bank was set up as a bridge bank to take over the assets of Skye Bank.

Skye Bank, after its collapse, had its operating licence revoked by the Central Bank of Nigeria.

AMCON has previously sold three other nationalised banks.

“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sale to credible and financially sound third-party acquirers,” CBN Governor, Godwin Emefiele, had said when the licence was revoked.

Mr Nwauzor said the corporation is already working on recovering the non-performing loans owed to Polaris and that AMCON had asked for repayment proposals.