The Central Bank of Nigeria has announced via its official website, the sale of Polaris Bank to a new investor, Strategic Capital Investment Limited (SCIL) for the sum of 50 billion naira. Earlier in August 2022, Polaris Bank had issued a press statement denying any sale and characterizing it as “speculative”and intending to cause panic. A statement signed by Mr Osita Nwanisobi, Director, Corporate Communications and posted on CBN website on Thursday 20 October 2023, revealed that the bank's sale was concluded after a Share Purchase Agreement (SPA) for the acquisition of 100 per cent equity in the bank by SPA.
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Polaris has been operating as a bridge bank since 2018 when the CBN intervened and revoked the license of the former Skye Bank Plc and established Polaris to assume Skye Bank's assets and liabilities. By acquiring Polaris Bank, SCIL has also agreed to taken on the bank's assets and liabilities. CBN stated that SCIL has paid the upfront of N50 billion and in accepting the terms, will fully repay the sum of N1.305 trillion being the consideration bonds injected by the apex bank. The repayment is expected to run over a period of 25 years.
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