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Confirmed sale of Polaris Bank
Confirmed sale of Polaris Bank
The transactions of Polaris Bank were verified on Thursday by the Asset Management Company of Nigeria (AMCON) and the Central Bank of Nigeria (CBN).
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’).
NewsReport gathered that the House of Representatives had on Wednesday okayed the sale of the bank, noting that the acquisition followed the laid down procedure and the relevant presidential approval.
The Chairman of the House ad-hoc Committee investigating the sale of Polaris Bank, Henry Nwabuba, told journalists that 35 companies bided for the bank.
Nwabuba’s revelation came a few days after Nigerians criticized the CBN for planning to sell Polaris Bank for N50 billion.
The amount raised eyebrows given that over N1.2 trillion have been spent by AMCON to revive the bank.