Strategic Capital Investment Limited Buys Polaris Bank For N50 Billion
The Central Bank of Nigeria, CBN, and the Asset Management Company of Nigeria, AMCON, have announced the sale of Polaris Bank to Strategic Capital Investment Limited, SCIL.
SCIL acquired 100 percent of the equity in the bank.
CBN
The House of Representatives ratified the acquisition on Wednesday, stating that the purchase was in accordance with stipulated procedure and the needed presidential approval.
Osita Nwanisobi, the Director of Corporate Communications Department at the CBN, in a statement issued on behalf of the apex bank and AMCON stated that “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, ...