CBN defends sale of Polaris Bank to SCIL, silent on paying back debts
The Central Bank of Nigeria (CBN), has explained that Polaris Bank was sold to Strategic Capital Investment Limited, SCIL, because it offered the highest financial bid of N1.355 trillion, but was silent on how to recoup the strategic loans it used to sustain the bank till the sale.
In a statement, the CBN’s Director, Corporate Communication Department, Mr. Osita Nwanisobi, stated: “For the records, the public is referred to the statement dated October 20, 2022 by CBN & Asset Management Corporation of Nigeria, AMCON, announcing the sale of 100 percent equity in Polaris Bank to a new core investor, Strategic Capital Investment Limited (SCIL), wherein it provided copious details of the process by which the sale was conducted. “Contrary to claims in the aforementioned online publication, the divestment from Polaris Bank was supervised by a Divestment Committee (Committee) comprising senior representatives of AMCON & CBN and supported by reputable legal and financial advisers. “In addition, the divestment mode, process and decision received requisite board and regulatory approvals.
“At no time did any other party make a higher purchase offer as falsely claimed by the online publication.
However, the statement did not state when the apex bank will pull out the huge injection it used to sustain the bank till the recent sale off amounting to over N897bn.
