By Muhammadu Sabiu
A new core investor, Strategic Capital Investment Limited (SCIL), has finished the processes involved in purchasing or acquiring Polaris Bank from the Central Bank of Nigeria (CBN).
In a statement, Osita Nwanisobi, the CBN’s director of corporate communications, said that the investment business received 100% stock holdings in Polaris Bank.
SCIL reportedly paid N50 billion upfront to purchase the shares, according to the statement released on Thursday.
Since the apex bank intervened to suspend the former Skye Bank Plc’s licence in 2018 and established a bridge bank to take over its assets and some of its liabilities, the bank has been operating as a bridge bank.
CBN Governor Mr Godwin Emefiele was quoted as saying, “This sale marks the completion of a landmark intervention in a strategic institution in the Nigerian banking sector by the CBN and AMCON. We commend the outgoing board and management for their vital role since the bridge bank was established; in stabilising the Bank’s operations and its balance sheet and implementing strong governance structures to address the issues that led to the intervention.
“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 wish SCIL well as they implement growth plans to build the bank from the strong foundations that have been established.”
Meanwhile, it can be recalled that Polaris Bank was recently enmeshed in a controversial drama characterised by a viral screenshot of an email allegedly from a supervisor of the bank, in which some Muslim employees were queried for attending a Juma’at service.
The email provoked an uproar from the Muslim faithful and forced a number of them to withdraw their money from the bank.
