POLARIS BANK GETS NEW OWNER

The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) on Thursday confirmed the sales of Polaris Bank.

This followed the completion of a Share Purchase Agreement (SPA) for the acquisition of a 100 percent stake in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’).

On Wednesday, the House of Representatives had okayed the sale of the bank, noting that the acquisition followed the laid down procedure and the relevant presidential approval, Independent reports.

In a statement signed by its Director, Corporate Communications Department, Osita Nwanisobi, the CBN said that SCIL has paid an upfront consideration of N50 billion to acquire 100% of the equity of Polaris Bank.