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.
A Federal High Court in Kano has issued an order restraining the National Electricity Regulatory…
Professor Joel Obo Eriba, the Provost, Federal College of Education, Odugbo received an outstanding leadership…
The Nigerian Army has officially announced the commencement of recruitment applications for Non-Tradesmen and Women.…
Naija News: Top Nigerian Newspaper Headlines For Today, Friday, 3rd May 2024 Nigeria’s Vice President,…
In the latest update on the foreign exchange market, the Euro (EUR) to Nigerian Naira…
Pounds to Naira rate at the official and black market exchange rate Today, Thursday 25th…