The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) have formally announced the completion of a Share Purchase Agreement (SPA) for the acquisition of 100 per cent of the equity in Polaris Bank  by Strategic Capital Investment Limited (‘SCIL’).

This is even as the House of Representatives on Wednesday okayed the sale of Polaris Bank, noting that the acquisition followed laid down procedure and the relevant presidential approval.

A statement issued by the director, corporate communications department at the CBN, Osita Nwanisobi, on behalf of the CBN and AMCON disclosed that SCIL had paid an upfront consideration of N50 billion to acquire 100 per cent of the equity of Polaris Bank and had also accepted the terms of the agreement which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected.

According to the statement, “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.


https://leadership.ng/strategic-capital-investment-acquires-polaris-bank/

Good

Polaris Bank is gone. We await a new bank with a new name and a new beginning. Banks are super rich.

Goodbye Polaris Bank

New name please

Who is behind the SCI, 50b to me is selling former Skype bank as scrap

kettykin:
Who is behind the SCI, 50b to me is selling former Skype bank as scrap

Does the 50 billion covers the assets ( cars,buildings, office equipment and furnitures). Or it’s just shares ?

Omihanifa:


Does the 50 billion covers the assets ( cars,buildings, office equipment and furnitures). Or it’s just shares ?

I presume they bought shares/equity only

Ok

kettykin:
Who is behind the SCI, 50b to me is selling former Skype bank as scrap

It's just an upfront payment

The Bank is worth 1.3Trillion which SCIL will pay over 25 years to CBN