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Polaris Bank for sale after 2019 polls

By Chijioke Nelson, Asst. Editor, Finance/Economy
23 January 2019   |   4:16 am
The latest bridged financial institution in Nigeria, Polaris Bank Limited, is ready for sale but the entire process would be on hold for now pending...

Polaris Bank. Photo/ Imbuednation

The latest bridged financial institution in Nigeria, Polaris Bank Limited, is ready for sale but the entire process would be on hold for now pending the conclusion of the elections when publications for Expressions of Interest (EoIs) would commence.

The Asset Management Corporation of Nigeria (AMCON) confirmed the development yesterday through its spokesman, Jude Nwauzor, in an exclusive chat with The Guardian.

The financial institution emerged through a regulatory intervention to take over the assets of Skye Bank, whose operating licence was revoked by the Central Bank Nigeria (CBN) following its collapse.

The proposed sale makes four of such exercise in about seven years. Earlier, perceived mismanagement and poor corporate governance had led to the birth of Mainstreet Bank, Enterprise Bank and Keystone Bank after similar interventions.

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