{"id":102338,"date":"2023-01-05T03:23:54","date_gmt":"2023-01-05T02:23:54","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=102338"},"modified":"2023-01-05T03:23:54","modified_gmt":"2023-01-05T02:23:54","slug":"sale-of-polaris-bank-followed-due-process-cbn","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/sale-of-polaris-bank-followed-due-process-cbn\/","title":{"rendered":"Sale of Polaris Bank followed due process – CBN"},"content":{"rendered":"
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The Central Bank of Nigeria (CBN) has explained that contrary to claims in some quarters, the divestment from Polaris Bank sales was supervised by a Divestment Committee comprising senior representatives of the Assets Management Company of Nigeria (AMCON) & CBN and supported by reputable legal and financial advisers.<\/div>\n
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\nThe apex bank stated that in addition, the divestment mode, process and decision received requisite board and regulatory approvals.<\/p>\n

\u201cAt no time did any other party make a higher purchase offer as falsely claimed by the online publication.<\/p>\n

\u201cThe entity in question, Fairview Acquisition Partners, had indicated an interest in acquiring two banks, including Polaris Bank, for a total sum of N1.2 trillion, an indicative offer which significantly discounted the existing N1.305 trillion debt owed by Polaris Bank to AMCON and so represented a material loss to the Federal Government,\u201d the CBN said.<\/p>\n

In a statement issued Wednesday in Abuja, Mr Osita Nwanisobi, Director, Corporate Communication said, \u201cnotwithstanding, along with 24 other parties, Fairview Acquisition Partners was invited by the financial advisors to participate in the sale process via the execution of a Non-Disclosure Agreement (NDA), the first stage of the process.<\/p>\n

\u201cThe financial advisors informed the Committee that Fairview Acquisition Partners neither executed nor returned the NDA despite verbally confirming receipt of the agreement and after follow-up from the financial advisors.<\/p>\n

\u201cTherefore, Fairview Acquisition Partners did not take the opportunity to update their offer by participating in the divestment process and thus did not make a binding purchase offer for Polaris Bank.<\/p>\n

\u201cThe divestment was executed based on the relevant laws, global best practices for bank resolutions, and requisite regulatory approvals. The Committee, along with its legal and financial advisers, conducted a rigorous technical and financial evaluation of the purchase proposals, assessing promoters\u2019 fitness and propriety, offer price received vs. reserve price, funding structure and financial capacity, strategy and growth plans, amongst others.\u201d<\/p>\n

He noted that following evaluation, the promoters of the strategic purpose vehicle, SCIL, emerged as the preferred purchaser, having presented the most comprehensive technical\/financial purchase proposal and the highest-rated growth plans for Polaris Bank.<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Nigeria (CBN) has explained that contrary to claims in some quarters, the divestment from Polaris Bank sales was supervised by a Divestment Committee comprising senior representatives…<\/p>\n","protected":false},"author":1,"featured_media":67910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-102338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nSale of Polaris Bank followed due process - CBN - 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\/sale-of-polaris-bank-followed-due-process-cbn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sale of Polaris Bank followed due process - 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