Home Finance Polaris Bank, Formerly Skye Bank Up For Sale Again!

Polaris Bank, Formerly Skye Bank Up For Sale Again!

This latest news is coming as a shock as Polaris Bank is going to be put up for sale after the 2019 elections months after it was taken over from Skye Bank.

This was disclosed by the Asset Management Corporation of Nigeria (AMCON) spokesman, Jude Nwauzor, on Tuesday.
Speaking on plans for the sale of the bank, 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”.
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.
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.”
What do you think?

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Coco Gauff Beats Venus Williams in Australian Open First Round

US teenager Coco Gauff has beaten Venus Williams in Australian Open first round, their second encounter in a Grand Slam. The 15 year-old American held...

Power Season 6 Episode 13: Is Ghost Really Dead, & is Tommy Alive?

Power season 6 episode 13, the Starz series did its part to answer a number of big questions related to Tommy Egan. We needed...

Wike Approves N30,000 Wage For Rivers Workers, no Arrears

Governor Nyesom Wike of Rivers State has approved the payment of N30,000 minimum wage for civil servants in the state, effective from January. A Government...

Atiku Abubakar Reacts to Claims he is Owing Foreign Workers of GOTEL

Former Vice-President Atiku Abubakar has reacted to claims that he is owing some foreign workers recruited for his media company, GOTEL. In a statement today,...

Southwest Presidency: Fani-Kayode Replies Miyetti Allah

Former Aviation Minister, Femi Fani-Kayode has told Miyetti Allah to go to hell over threat that the Southwest may not get the 2023 presidency...