Polaris Bank

stabilisation period, as well as ensuring that all funds originally provided to support the intervention are recovered.

“This process has provided the CBN with an unprecedented opportunity to recover its intervention funds in full and promote financial stability and inclusive growth. 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. “These actions were taken to prevent the imminent collapse of the bank, enable its stabilisation and recovery, protect depositors’ fund, prevent job losses and preserve systemic financial stability.

This was contained in a statement by the CBN's Director, Corporate Communications, Osita Nwanisobi, on Thursday. In it, the CBN announced the new core investor ...

“The sale was coordinated by a Divestment 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 CBN thus received an immediate return for the value it has created in Polaris Bank during the stabilisation period, as well as ensuring that all funds originally provided to support the intervention are recovered.

The Central bank of Nigeria (CBN) has explained the reason there's a N1.15 trillion difference in the initial amount paid by Strategic Capital Investment |

[Investigations3 months ago](https://www.ripplesnigeria.com/investigation-how-roadside-foods-endanger-consumers-life-with-trans-fat-in-northern-nigeria/) The statement reads, “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. [Investigations2 months ago](https://www.ripplesnigeria.com/special-report-hike-in-gas-price-forces-more-nigerians-to-use-coal-sawdust-as-smoke-kills-93300-yearly/) [Investigations3 weeks ago](https://www.ripplesnigeria.com/investigation-inside-kwara-school-where-students-are-used-as-labour-on-teachers-private-farms/) [Investigations3 weeks ago](https://www.ripplesnigeria.com/investigation-how-n70m-road-construction-created-more-hardship-for-sokoto-residents/) [Investigations1 month ago](https://www.ripplesnigeria.com/investigation-how-kano-subeb-awarded-contracts-to-inactive-contractors-non-existent-schools-in-kano/) Skye Bank was restructured in 2018, and it was renamed Polaris Bank. [Business](https://www.ripplesnigeria.com/business/) [Polaris Bank,](https://www.ripplesnigeria.com/ndic-md-hassan-denies-report-polaris-bank-has-been-sold/) subsequent to the CBN intervention in 2018, were invited to submit financial and technical proposals.” [CBN](https://www.ripplesnigeria.com/cbn-completes-sales-of-polaris-bank-for-n40bn/) and AMCON representatives, coordinated the sale, with legal and financial consultants advising during the process. [Buhari takes drastic decision, converts CBN’s N20tn loan to 9% bonds](https://www.ripplesnigeria.com/buhari-takes-drastic-decision-converts-cbns-n20tn-loan-to-9-bonds/)

The Central Bank of Nigeria (CBN) says it has completed the sales of Polaris Bank to Strategic Capital Investment Limited (SCIL), a new core investor.

The statement said the terms include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected. “This process has provided the CBN with an unprecedented opportunity to recover its intervention funds in full and promote financial stability and inclusive growth. We commend the outgoing board and management for their vital role since the bridge bank was established; in stabilising the Bank’s operations, its balance sheet and implementing strong governance structures to address the issues that led to the intervention, the statement quoted Godwin Emefiele, CBN governor, as saying.

This is according to a statement by the CBN Director of Corporate Communications Osita Nwanisobi who said the investment company got 100 percent equity stakes ...

“This process has provided the CBN with an unprecedented opportunity to recover its intervention funds in full and promote financial stability and inclusive growth. We commend the outgoing board and management for their vital role since the bridge bank was established; in stabilising the Bank’s operations, its balance sheet and implementing strong governance structures to address the issues that led to the intervention,” he quoted Godwin Emefiele CBN governor as saying on Thursday. The Thursday statement said that SCIL paid N50 billion upfront to acquire the equity.

The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) have formally announced the completion of a Share.

The CBN and AMCON announced the completion of a Share Purchase Agreement (SPA) for the acquisition of 100% of the equity in Polaris Bank.

Emefiele, Governor of the Central Bank of Nigeria said: “This sale marks the completion of a landmark intervention in a strategic institution in the Nigerian banking sector by the CBN and AMCON. The sale was coordinated by a Divestment Committee (the ‘Committee’) comprising representatives of the CBN and AMCON, and advised by legal and financial consultants. 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.

Less than 24hrs after CBN announced a 100 percent divestment of government ownership from Polaris Bank to a new core investor, Strategic Capital Investment ...

Another commentator familiar with the financial market said he could only see an upward growth trajectory ” now that the hand’s brake are off”. “This divestment has been long overdue and it could only get better now that new owners have taken over 100%. The Bank which has performed relatively well making profit year-on-year from its first year of operation, according to Analysts could only go from strength to strength now that it is free of government/regulatory pressure and interference.

24hrs after the Central Bank of Nigeria (CBN) announced 100% divestment of government ownership of Polaris Bank to a new core investor, Strategic Capital ...

Another commentator familiar with the financial market said he could only see an upward growth trajectory ” now that the hand’s brake are off”. Ola Aina, an Independent Lagos-based said, “This divestment has been long overdue and it could only get better now that new owners have taken over 100%. His words, “There was quite a protest over a rumour that the bank was sold for a paltry amount.

The CBN announced a landmark transaction to sell Polaris Bank to a strategic investors but this deal leaves more questions than answers.

To facilitate the operation of the bridge bank, the central bank issued a bond with a face value of N898 billion with a future value of N1.305 trillion, injecting the proceeds into the bridge bank through AMCON. The central bank must provide more detail and grant a press conference responding to questions about this transaction. According to a press release shared by the CBN, the acquirer SCIL paid the upfront purchase consideration of N50 billion and in accepting the terms will repay fully the sum of N1.305 trillion being the consideration bonds injected by the CBN. 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. The transaction has been in the works for some months now, culminating in a flurry of denials by the bank executives when news of a possible sale leaked. The buyers are also on the hook to repay a bond of N1.3 trillion.

Since the Central Bank of Nigeria and AMCON announced that Polaris Bank Limited has been sold to Strategic Capital Investment Limited (SCIL), Nigerians have ...

[reported](https://nairametrics.com/2022/10/21/cbn-announces-sale-of-polaris-bank-to-strategic-capital-investment-limited-for-n50-billion/) earlier today that all of Polaris Bank’s shares have been acquired by Strategic Capital Investment Limited (SCIL). Polaris Bank has been sold for N50 billion, 4 years after the Federal Government took over Skye Bank & injected N1trn to save the Bank. In all of these, I pity the small shareholders of the old Skye Bank. Yeah, N1.15 trillion was for the boys. Twitter user Dami Adenuga said: “Polaris Bank has been sold for N50 billion, 4 years after the Federal Government took over Skye Bank and injected N1trn to save the Bank. Part of the deal is that SCIL will repay the bonds.

Nigerian Bank Polaris, has sold 100% of its shares to a new owner. | Pulse Nigeria.

“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 sale was investigated by rep members who had reservations about the bank’s operations.

The new board will be led by the existing chairman M K Ahmad, who will be joined on the board by six non-executive directors...

Mr Opeke has more than 26 years of experience in the Nigerian financial services sector with more than 15 years spent in Senior and Executive Management positions. He has also served on the board of the Federal Inland Revenue Service (FIRS) and is respected as one of Nigeria’s leading authorities on corporate governance. Adekunle has also served on the boards of First Bank of Nigeria Plc where he chaired the Board’s Risk Management Committee, and Airtel Nigeria Plc. Mrs Odunowo has more than 25 years experience in the Nigerian banking sector having held operations leadership positions across a range of financial institutions including Coronation Merchant Bank, Stanbic IBTC Bank and Guaranty Trust Bank. Mr Cuzzocrea is a banker with more than 35 years experience in the international financial services sector. His combination of expertise brings an important perspective to the board as a new strategy focused on innovation is developed and implemented. Mohammed has over 25 years experience as a banker and a Human Resource Management professional having worked in operational and strategic human resource leadership positions across a range of financial institutions. He has vast technical experience in the Financial Service sector, and very strong management and leadership qualities. MK currently serves as the Chairman of the Interim Management Board of International Energy Assurance as well as Chairman of the Technical Committee of the National Council on Privatisation. The sale decision was jointly taken with the Asset Management Corporation of Nigeria (AMCON), the government’s bad debt buyer, which took over Skye Bank after the CBN withdrew its licence in 2018 before setting up Polaris as a bridge bank. Speaking on behalf of SCIL, the new core investor, Adekunle Sonola, the incoming MD/CEO said: “We are excited to participate in the next phase of growth for Polaris Bank and to have been able to recruit such an experienced and diverse Board of Directors we are confident can lead Polaris Bank into a new era of sustainable growth. I am personally proud to have been asked to lead the bank into an exciting new future and I look forward to working with the new board and our core investors to build on the platform we have created.”

The new owners of Polaris Bank Limited, Strategic Capital Investment Limited (SCIL), have appointed Mr Adekunle Sonola as the new Managing Director/Chief ...

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 financial institution was then transferred to the Asset Management Corporation of Nigeria (AMCON). After over four years, the apex bank has now announced a new core investor of the bank. Invitations to submit proposals were sent to 25 pre-qualified interested parties, out of which three (3) parties eventually submitted final purchase proposals following technical evaluation. Another product is the PrimePay portal which allows merchants to receive payments by getting a personalised payment link and accepting payments via USSD, card payment, bank transfers, QR codes, and mobile wallets. These digital payment solutions are made to suit the needs of merchants and businesses of all sizes and solve their business problems,” Mr Ibrahim said. “This is an exciting time for the Nigerian financial services industry, and we are committed to building on the strong foundations established by the departing board. “With the C’Gate Payment, a merchant can generate a unique reference code to give the customer. I urge them to take advantage of our digital payment products. He was the pioneer Director-General of PENCOM. New business owners are welcome to use these services as well,” Mr Ibrahim further said. “We are excited to participate in the next phase of growth for Polaris Bank and to have been able to recruit such an experienced and diverse board of directors we are confident can lead Polaris Bank into a new era of sustainable growth.

AdekunIe Sonola, was appointed as the new Managing Director/Chief Executive Officer.

[Economy](https://gazettengr.com/polaris-bank-gets-new-management-board-one-day-after-its-sale/) [Polaris Bank gets new management board one day after its sale](https://gazettengr.com/polaris-bank-gets-new-management-board-one-day-after-its-sale/) We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages. It is not immediately clear if the bank had responded to Mr Falana’s query. [Lagos](https://gazettengr.com/lagos-shuts-down-valuepoint-supermarket-over-sale-of-expired-products/) [Lagos shuts down Valuepoint Supermarket over sale of expired products](https://gazettengr.com/lagos-shuts-down-valuepoint-supermarket-over-sale-of-expired-products/) [Kano](https://gazettengr.com/flooding-killed-23-persons-in-kano-official/) [Flooding killed 23 persons in Kano: Official](https://gazettengr.com/flooding-killed-23-persons-in-kano-official/) The bidding process was never made public.

This comes a day after the Central Bank of Nigeria (CBN) announced the acquisition of 100 percent equity stakes in the bank by Strategic Capital Investment ...

“I am very pleased with the progress we have been able to make, and that we have delivered on our mandate to prepare the bank for a return to private ownership. We would like to express our thanks for their service and wish them well. I am personally proud to have been asked to lead the bank into an exciting new future and I look forward to working with the new board and our core investors to build on the platform we have created.”

Polaris Bank yesterday said it constituted a new Board of Directors to be chaired by Muhammad Ahmad, the existing chairman and announced a former Executive ...

“I am very pleased with the progress we have been able to make, and that we have delivered on our mandate to prepare the bank for a return to private ownership. We would like to express our thanks for their service and wish them well.” A statement by the bank, which was bought about a day ago by Strategic Capital Investment Limited (SCIL), said the new Board “will be led by the existing Chairman M K Ahmad.

Polaris Bank has appointed a new independent Board of Directors to lead the bank's growth strategy. Alhaji Muhammad Ahmad, Chairman Polaris Board, ...

We would like to express our thanks for their service and wish them well. “We are excited to participate in the next phase of growth for Polaris Bank and to have been able to recruit such an experienced and diverse board of directors we are confident can lead Polaris Bank into a new era of sustainable growth. “I am personally proud to have been asked to lead the bank into an exciting new future and I look forward to working with the new board and our core investors to build on the platform we have created,”he said.