The Assets Management Corporation of Nigeria (AMCON) says it will put up Polaris Bank for sale after the 2019 general elections, Igbere TV learnt on Wednesday.

AMCON Spokesman, Jude Nwauzor, disclosed this in a statement on Tuesday. A copy of the statement was made available to Igbere TV.

Nwauzor had said that electioneering activities have slowed things down.

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


Igbere TV reports that in September 2018, Godwin Emefiele, Governor of the Central Bank of Nigeria, had announced the revoking of the licence of defunct Skye Bank. Polaris was established as a bridge bank to assume the assets and liabilities of the bank. It was then transferred to the state-owned bank for sale to investors. 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sound third-party acquirers,” Godwin Emefiele, governor of the Central Bank of Nigeria, had said when the licence was revoked.
He added that “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.”
He had also noted that the CBN invested about N800billion in Polaris Bank, and as such, the bank’s name had to change in order to reflect the new ownership structure.

Speaking on plans to sell Polaris bank, Nwauzor said the corporation is already working on recovering the non-performing loans owed to Polaris and that AMCON has asked for repayment proposals.

AMCON was set up in 2010 to absorb non-performing loans from banks as part of efforts to resolve a financial crisis at that time.

Source : http://igberetvnews.com/536481/breaking-polaris-bank-sale/

They have successfully bring this bank down

Na to go remove the small change wey dey inside the bank

Okay. Cc, Lalasticlala

Hmmm

Buhari and his family cabals have liquidated this one too.

OK LET OF GO AND EMPTY MY ACCOUNT

of course the Buhari cabal wants to buy this one too

Igboblog:
Na to go remove the small change wey dey inside the bank

My thinking too

Pekele007:
Buhari and his family cabals have liquidated this one too.

Lol

Kpagain

This is absurd.

Access Bank, Oya come turn to ACCESS DIAMOND POLARIS BANK

Would it affect anyone that has fixed deposits with them??

Na dem dem Fulani cabals go still buy am with our Niger delta Oil money and recovered loots from Southerners while Fulani looters are chopping free their own loots.

Thunder go dismantle Buhari las las

Odima

I have about 1020 naira in that bank since 2012. That's some money. But I leave them to God.

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Isoright
I nor even dey bank with them before

Na zenith and wema bank get me

But for non failure of ATM withdrawal i trust wema bank die
That bank nor dey fail me

Polaris and Diamond can merge.

Fidelity should buy them or Access Bank

Better withdraw your money ASAP.

DoctorGenerator:
They have successfully bring this bank down

speak good english

Igboblog:
Na to go remove the small change wey dey inside the bank

.

There is no need to do that. Your money is safe. Government has prevented the bank from financial distress, a significant indicator of bank failure.

Selling off the bank will give d government d opportunity to recover d bailout fund and put d running of the bank on a sound footing

Let me go and buy data out of my remaining N985, then we call it a quit.

adekennis:
Would it affect anyone that has fixed deposits with them??

Abeg go collect liquidate the fixed deposit and get out your money

I have a substantial amount of money in that bank ooh!...

I'm not bothered. I kukuma have zero naira there

Thanks to Buhari's best friend

Another potential failing bank

Who will want to buy now?

hmmmmmmmmmmmmmmm!!!!! if ur money is still in this bank, your name na SORRY!!!!

So the new Skype bank Management are still struggling?

adekennis:
Would it affect anyone that has fixed deposits with them??

Not at all, whatever fix deposit you have with them is safe and sound.
There's no cause for panic.