Polaris Bank will supposedly be available to be purchased after the 2019 polls, coming a few time after it was assumed control from Skye Bank. As indicated by Reuters, this was revealed by the Asset Management Corporation of Nigeria (AMCON) representative, Jude Nwauzor, on Tuesday.
Talking on arrangement for the selling of the financial institution, Nwauzor stated:
“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September 2018, Godwin Emefiele, Governor of the Central Bank of Nigeria, had declared the renouncing of the permit of outdated Skye Bank. Polaris was built up as an extension bank to undertake the properties & burdens of the bank.
Emefiele had stated: “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.”