Reasons Why Polaris Bank Must Be Sold Says Jude Nwauzor

trending fillers owes it that Polaris Bank, formerly known as Skye Bank will allegedly be enlisted for sale after the 2019 elections, has been conducted.

According to speculations, this was disclosed by Mr. Jude Nwauzor, the Asset Management Corporation of Nigeria (AMCON) spokesperson, who on Tuesday, 23rd January 2019, however, revealed that plans for the sales of the bank are ongoing.

“The election season has slowed down things. We would advertise for (EOI) Expressions Of Interest from investors after elections and commence the sale process”.

It will be recalled that in September 2018, the CBN Governor Godwin Emefiele, had revoked the license of the former Skye Bank. Polaris was, however, established as a linking bank to assume the assets and liabilities responsibilities of the bank.

Reasons Why Polaris Bank Must Be Sold Says Jude Nwauzor:

Godwin Emefiele who commented on the issue said;

“As a responsible and responsive regulator and in consultation with the Nigerian Deposit Insurance Corporation (NDIC), we have decided to establish a bridge bank, Polaris Bank, to assume the assets and liabilities of Skye Bank.”

“The strategy is for the Asset Management Company of Nigeria (AMCON) to capitalize the Bridge Bank and begin the process of sourcing investors to buy out AMCON. By this decision, the license of the defunct Skye Bank is hereby revoked.”

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