• Latest
  • Trending

CBN, AMCON Finally Sells Polaris Bank To SCIL

October 21, 2022
Danbatta, NCC Boss to Receive Vanguard’s ‘Regulator of the Year’ Award

Danbatta, NCC Boss to Receive Vanguard’s ‘Regulator of the Year’ Award

January 27, 2023
CBN, NIBSS Unveil New Domestic Financial Transaction Card, AfriGO

CBN, NIBSS Unveil New Domestic Financial Transaction Card, AfriGO

January 27, 2023
NGX Optimistic Over 2023 Economic Outlook, As Exchange Launches USSD IPS

NGX Optimistic Over 2023 Economic Outlook, As Exchange Launches USSD IPS

January 27, 2023
More Trouble For China As Japan, Netherlands Join US In Chip–Related Restrictions

More Trouble For China As Japan, Netherlands Join US In Chip–Related Restrictions

January 27, 2023
CBN, NIBSS To Unveil Domestic Card Scheme To Address Peculiar Payment Challenges

CBN, NIBSS To Unveil Domestic Card Scheme To Address Peculiar Payment Challenges

January 27, 2023
NITDA Officially Flag Off TIES Scheme In Six Geopolitical Zones

NITDA Officially Flag Off TIES Scheme In Six Geopolitical Zones

January 26, 2023
Interswitch Now Operates With Payments Service Holding Company License

Interswitch Now Operates With Payments Service Holding Company License

January 26, 2023
Meta To Grant Trump Access To His Facebook and Instagram Accounts

Meta To Grant Trump Access To His Facebook and Instagram Accounts

January 26, 2023
IBM Joins The Job Cut Train Amidst Missed Revenue Target, Lays Off 3,900

IBM Joins The Job Cut Train Amidst Missed Revenue Target, Lays Off 3,900

January 26, 2023
Data Privacy: NDPB Marks One Year As Minister Flags Off National Privacy Week

Data Privacy: NDPB Marks One Year As Minister Flags Off National Privacy Week

January 25, 2023
Airtel Introduces eSIM Service To Subscribers

Airtel Introduces eSIM Service To Subscribers

January 25, 2023
NITDA Boss Charges Meta On Boosting Indigenous Fact-Checkers, Assures Govt. Non-Interference

NITDA Boss Charges Meta On Boosting Indigenous Fact-Checkers, Assures Govt. Non-Interference

January 25, 2023
EBusiness Life
Saturday, January 28, 2023
Newsletter
Contact Us
  • Home
  • NewsBytes
    • Agrictech
    • Cybersecurity
    • e-Politics
    • Entertainment
    • Fintech
    • Foreign News
    • Local News
    • Social Media
    • StartUps
    • State News
  • Big Issues
  • Columns
    • Contributions
    • eScope
    • Inside Issues
  • Cyberparenting
  • Tech Talk
    • Innovations
    • World of Sc & Tech
  • Gadget Review
    • Phones
    • Laptops
    • Accessories
  • Interviews
  • Events
  • PhotoNews
  • Archives
  • Digital Edition
No Result
View All Result
E-Business Life
No Result
View All Result

CBN, AMCON Finally Sells Polaris Bank To SCIL

by Admin
October 21, 2022
in NewsBytes
Reading Time: 2 mins read
A A
0

The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) have announced the completion of a Share Purchase Agreement (SPA) for the acquisition of 100% of the equity in Polaris Bank by Strategic Capital Investment Limited (SCIL).

Polaris has been operating as a bridge bank since 2018 when the Central Bank of Nigeria intervened to revoke the licence of the former Skye Bank Plc and established Polaris Bank to assume its assets and certain liabilities. As part of the CBN intervention, consideration bonds with a face value of N898 billion (future value of N1.305 trillion) was injected into the bridge bank through AMCON, to be repaid over a 25-year period. These actions were taken to prevent the imminent collapse of the bank, enable its stabilisation and recovery, protect depositors’ fund, prevent job losses and preserve systemic financial stability.

YOU MAY ALSO LIKE

Danbatta, NCC Boss to Receive Vanguard’s ‘Regulator of the Year’ Award

CBN, NIBSS Unveil New Domestic Financial Transaction Card, AfriGO

SCIL has paid an upfront consideration of N50 billion to acquire 100% of the equity of Polaris Bank and has accepted the terms of the agreement which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected. The CBN thus received an immediate return for the value it has created in Polaris Bank during the stabilisation period, as well as ensuring that all funds originally provided to support the intervention are recovered.

A statement signed by the Director, Corporate Communications, Osita Nwanisobi, on behalf of the CBN, disclosed that the sale was coordinated by a Divestment Committee comprising representatives of the CBN and AMCON, and advised by legal and financial consultants.

The Committee conducted a sale process by ‘private treaty’, as provided in Section 34(5) of the AMCON Act to avoid negative speculations, retain value and preserve financial system stability. In the process, parties who had formally expressed an interest in acquiring Polaris Bank, subsequent to the CBN intervention in 2018, were invited to submit financial and technical proposals. Invitations to submit proposals were sent to 25 pre-qualified interested parties, out of which three (3) parties eventually submitted final purchase proposals following technical evaluation. All submissions were subject to a rigorous transaction process from which SCIL emerged as the preferred bidder having presented the most comprehensive technical/financial purchase proposal as well as the highest rated growth plans for Polaris Bank.

Commenting on the transaction, Governor of the Central Bank of Nigeria, Mr. Godwin I. Emefiele said: “This sale marks the completion of a landmark intervention in a strategic institution in the Nigerian banking sector by the CBN and AMCON. We commend the outgoing board and management for their vital role since the bridge bank was established; in stabilising the Bank’s operations, its balance sheet and implementing strong governance structures to address the issues that led to the intervention. This process has provided the CBN with an unprecedented opportunity to recover its intervention funds in full and promote financial stability and inclusive growth. We wish SCIL well as they implement growth plans to build the bank from the strong foundations that have been established.”

Share this:

  • Tweet
  • WhatsApp
  • Telegram
ShareTweetSendShareShareBookmark

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

No Result
View All Result

Recent News

Danbatta, NCC Boss to Receive Vanguard’s ‘Regulator of the Year’ Award

Danbatta, NCC Boss to Receive Vanguard’s ‘Regulator of the Year’ Award

January 27, 2023
CBN, NIBSS Unveil New Domestic Financial Transaction Card, AfriGO

CBN, NIBSS Unveil New Domestic Financial Transaction Card, AfriGO

January 27, 2023
NGX Optimistic Over 2023 Economic Outlook, As Exchange Launches USSD IPS

NGX Optimistic Over 2023 Economic Outlook, As Exchange Launches USSD IPS

January 27, 2023

Ebusiness Life

Ebusiness Life is news Tech company. We give you latest updates on Tech News and other tech related news.

Join our mailing list and get latest updates.

Check your inbox or spam folder to confirm your subscription.

Popular Posts

Danbatta, NCC Boss to Receive Vanguard’s ‘Regulator of the Year’ Award

Danbatta, NCC Boss to Receive Vanguard’s ‘Regulator of the Year’ Award

by Admin
January 27, 2023
0

CBN, NIBSS Unveil New Domestic Financial Transaction Card, AfriGO

CBN, NIBSS Unveil New Domestic Financial Transaction Card, AfriGO

by Admin
January 27, 2023
0

NGX Optimistic Over 2023 Economic Outlook, As Exchange Launches USSD IPS

NGX Optimistic Over 2023 Economic Outlook, As Exchange Launches USSD IPS

by Admin
January 27, 2023
0

Categories

  • Big Issues
  • Columns
  • Cyberparenting
  • eBusiness
  • Gadget Review
    • Laptops
    • Phones
  • Interviews
  • NewsBytes
    • Agrictech
    • Cybersecurity
    • Entertainment
    • Fintech
    • Foreign News
    • Local News
    • Social Media
    • StartUps
  • Opinion
  • Tech Talk
    • World of Sc & Tech
  • Uncategorized

Quick Links

  • Contact Us
  • Newsletter
  • Privacy & Policy
  • Contact Us
  • Newsletter
  • Privacy & Policy

© 2022 Ebusiness Life - Desinged by Kreative TechPoint.

No Result
View All Result
  • Home
  • NewsBytes
    • Agrictech
    • Cybersecurity
    • e-Politics
    • Entertainment
    • Fintech
    • Foreign News
    • Local News
    • Social Media
    • StartUps
    • State News
  • Big Issues
  • Columns
    • Contributions
    • eScope
    • Inside Issues
  • Cyberparenting
  • Tech Talk
    • Innovations
    • World of Sc & Tech
  • Gadget Review
    • Phones
    • Laptops
    • Accessories
  • Interviews
  • Events
  • PhotoNews
  • Archives
  • Digital Edition

© 2022 Ebusiness Life - Desinged by Kreative TechPoint.