Strategic Capital Investment Limited

The Central Bank of Nigeria (CBN) has completed the sale of Polaris Bank Limited to Strategic Capital Investment Limited (SCIL).

“We encourage those that are yet to open an account with Ecobank to do so to enjoy our bouquet of products and services. 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. This product is to drive financial inclusion for market women and other traders who do not have a culture of banking during work hours.” “Rewards will be done monthly for the 3 months starting from October, 100 customers will be rewarded with N50,000 monthly. 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. In addition, it would assess the extent to which the banks’ capitalisation buffers and foreign currency positions mitigate the risk of a potential material weakening in the local currency. In his reaction to the sale of Polaris Bank, the Governor of the CBN, Mr Godwin Emefiele, said, “This sale marks the completion of a landmark intervention in a strategic institution in the Nigerian banking sector by the CBN and AMCON. “SCIL has paid an upfront consideration of N50 billion to acquire 100% of the equity of Polaris Bank and has accepted the terms of the agreement, which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected. The Central Bank of Nigeria (CBN) has completed the sale of Polaris Bank Limited to Strategic Capital Investment Limited (SCIL). [revoked the operating licence of Skye Bank Plc](https://businesspost.ng/banking/cbn-revokes-operating-license-of-skye-bank/) and nationalised it to Polaris Bank.

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

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. and establish Polaris Bank to assume its assets and certain liabilities, the banking industry regulator injected into Polaris through the Asset Management Corporation of Nigeria (AMCON) and is to be repaid over a 25-year period. and established Polaris Bank to assume its assets and certain liabilities.

In it, the CBN announced the new core investor in the bank as Strategic Capital Investment Limited. Nwanisobi said in the statement that the deal was sealed ...

“The sale was coordinated by a Divestment Committee comprising representatives of the CBN and AMCON, and advised by legal and financial consultants. 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. As part of the CBN intervention, consideration bonds with a face value of N898 billion (future value of N1.305 trillion) was injected into the bridge bank through AMCON, to be repaid over a 25-year period.

“Polaris has been operating as a bridge bank since 2018 when the Central Bank of Nigeria intervened to revoke the licence of the former Skye Bank Plc. and ...

“This process has provided the CBN with an unprecedented opportunity to recover its intervention funds in full and promote financial stability and inclusive growth. As part of the CBN intervention, consideration bonds with a face value of N898 billion (future value of N1.305 trillion) was injected into the bridge bank through AMCON, to be repaid over a 25-year period. and establish Polaris Bank to assume its assets and certain liabilities, the banking industry regulator injected into Polaris through the Asset Management Corporation of Nigeria (AMCON) and is to be repaid over a 25-year period.

Strategic Capital Investment Limited emerged the preferred bidder for the lender, the CBN said in a statement late Thursday. The sale decision was jointly taken ...

Part of the apex bank’s intention was also to stem the imminent job losses to staff if a liquidation option had been adopted. Good journalism costs a lot of money. These actions were taken to prevent the imminent collapse of the bank, enable its stabilization and recovery, protect depositors’ funds, prevent job losses and preserve systemic financial stability,” the statement said. It paid N50 billion and has agreed to refund N1.3 trillion injected into the bank. Invitations to submit proposals were sent to 25 pre-qualified interested parties, out of which three parties eventually submitted final purchase proposals following technical evaluation,” Mr Nwasinobi said. The new owner, SCIL, has completed a Share Purchase Agreement (SPA) for the acquisition of 100% of the equity in Polaris Bank, according to a statement by the spokesperson of the CBN, Osita Nwanisobi.