Following the completion of a Share Purchase Agreement (SPA) for the acquisition of a 100 percent stake in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’), the Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) on Thursday confirmed the sales of Polaris Bank.
The move to purchase Polaris Bank was on Wednesday given a nod by the House of Representatives, noting that the acquisition followed the laid down procedure and the relevant presidential approval.
In a statement signed by its Director, Corporate Communications Department, Osita Nwanisobi, the CBN said that SCIL has paid an upfront consideration of N50 billion to acquire 100% of the equity of Polaris Bank.
The new company CBN Nwanisobi added that it accepted the terms of the agreement, including the full repayment of the sum of N1.305 trillion, being the value of the bonds, which as part of its intervention in 2018, to revoke the licence of the former Skye Bank Plc.
The Newtelegraph report added that the money was injected into Polaris through the Asset Management Corporation of Nigeria (AMCON) and is to be repaid over a 25-year period.