{"id":100530,"date":"2022-10-21T05:41:25","date_gmt":"2022-10-21T04:41:25","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=100530"},"modified":"2022-10-21T05:41:25","modified_gmt":"2022-10-21T04:41:25","slug":"polaris-bank-sold-to-strategic-capital-investment-limited-at-n50b","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/polaris-bank-sold-to-strategic-capital-investment-limited-at-n50b\/","title":{"rendered":"Polaris Bank sold to Strategic Capital Investment Limited at N50b"},"content":{"rendered":"<div id=\"m#msg-f:1747239104840436899\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">The Strategic Capital Investment Limited (SCIL) has bought Polaris Bank at the cost of N50 billion. In addition, SCIL has also accepted the full repayment of the sum of N1.305 trillion, being the consideration bonds injected into Polaris Bank by the Asset Management Company of Nigeria (AMCON).<\/div>\n<div class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div dir=\"auto\">\n<div dir=\"auto\">\n<div dir=\"auto\">\nThe Central Bank of Nigeria (CBN) and AMCON on Thursday announced the completion of a Share Purchase Agreement (SPA) for the acquisition of 100 percent of the equity in Polaris Bank by SCIL.<\/div>\n<div dir=\"auto\">\nIn September 2018, the CBN revoked the operating licence of Skye Bank Plc and nationalised it to Polaris Bank. The financial institution was then transferred to the Asset Management Corporation of Nigeria (AMCON).<\/p>\n<p>After four years, the apex bank has now announced a new core investor of the bank who will operate the financial institution.<\/p>\n<p>The House of Representatives on Wednesday okayed the sale of Polaris Bank, noting that the acquisition followed the laid down procedure and the relevant presidential approval.<\/p><\/div>\n<div dir=\"auto\">\nA statement by CBN\u2019s Director of Corporate Communications Osita Nwanisobi, said: \u201cSCIL had paid an upfront consideration of N50 billion to acquire 100 percent of the equity of Polaris Bank and had also accepted the terms of the agreement which includes the full repayment of the sum of N1.305 trillion, being the consideration bonds injected.<\/div>\n<div dir=\"auto\">\n\u201cThe CBN thus received an immediate return for the value it has created in Polaris Bank during the stabilization period, as well as ensuring that all funds originally provided to support the intervention are recovered.<\/p>\n<p>\u201cThe sale was coordinated by a Divestment Committee (the \u2018Committee\u2019) comprising representatives of the CBN and AMCON, and advised by legal and financial consultants. The Committee conducted a sale process by \u2018private treaty\u2019, as provided in Section 34(5) of the AMCON Act to avoid negative speculations, retain value and preserve financial system stability.<\/p>\n<p>\u201cIn 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 parties eventually submitted final purchase proposals following technical evaluation.<\/p>\n<p>\u201cAll 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,\u201d the statement added.<\/p>\n<p>CBN Governor Godwin Emefiele was quoted as saying that the sale of the bank \u201cmarks the completion of a landmark intervention in a strategic institution in the Nigerian banking sector by the CBN and AMCON.\u201d<\/p>\n<p>Polaris Bank has been operating as a bridge bank since 2018 when the CBN intervened to revoke the licence of the former Skye Bank Plc and established Polaris Bank to assume its assets and certain liabilities.<\/p>\n<p>As part of the CBN intervention, consideration bonds with a face value of N898 billion (future value of N1.305 trillion) were injected into the bridge bank through AMCON to be repaid over a 25-year period.<\/p>\n<p>The CBN noted that \u201cthe actions were taken to prevent the imminent collapse of the bank, enable its stabilisation and recovery, protect depositors\u2019 fund, prevent job losses and preserve systemic financial stability\u201d.<\/p><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Strategic Capital Investment Limited (SCIL) has bought Polaris Bank at the cost of N50 billion. In addition, SCIL has also accepted the full repayment of the sum of N1.305&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":100531,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-100530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Polaris Bank sold to Strategic Capital Investment Limited at N50b - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/polaris-bank-sold-to-strategic-capital-investment-limited-at-n50b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Polaris Bank sold to Strategic Capital Investment Limited at N50b - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The Strategic Capital Investment Limited (SCIL) has bought Polaris Bank at the cost of N50 billion. 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