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 percent of the equity in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’).
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.
A statement by CBN’s Director of Corporate Communications Osita Nwanisobi, said: “SCIL 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.
The 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.
“The sale was coordinated by a Divestment Committee (the ‘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.
The Senate Committee Chairman on Federal Character and Inter-Government Affairs, Senator (Chief) Allwell Onyesoh (Rivers…
President Bola Tinubu has approved a major policy change, granting ministers of state full authority…
Kabiru Yahayya Classic, a former member of the House of Representatives, has officially left the…
A Qantas passenger plane departing from Sydney, Australia, experienced engine failure on Friday, prompting the…
A Magistrates’ Court in Jos has sentenced a 19-year-old trader to nine months in prison…
Popular Nigerian cleric Chukwuemeka Ohanaemere, commonly known as Odumeje, has announced that TikTok blocked his…