Sale of Polaris Bank to begin after Elections – AMCON


The Assets Management Corporation of Nigeria (AMCON) has said that it will commence the process for the sale of Polaris Bank, after the general elections.

Spokesman for AMCON, Jude Nwazor, said that the corporation will advertise for investors to express their interest which will help the process of the sales after the election.

According to the spokesman, the corporation is seeking to recover non-performing debts owed to Polaris Bank and has asked for proposals on repayment.

Polaris bank was set up in 2018 to take over the assets of Skye Bank PLC, which collapsed and had its operating licence revoked by the Central Bank of Nigeria (CBN).

N786 billion had been injected into the bank through the Asset Management Corporation of Nigeria (AMCON) to ensure the bank is sound and profitable.

Posted by Juliet Ekwebelam (ChannelsTV)

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