The Asset Management Corporation of Nigeria (AMCON), has hearkened to the voice of wisdom as far as Polaris Bank is concerned.
Recall that on Friday, September 21, 2018, when Polaris Bank was unveiled, industry experts and financial stakeholders frowned at the fact that it was handed over to a management and board which could not manage the finances of the now-defunct Skye Bank. This was despite the fact that the financial institution had being recapitalized two years earlier.
Then, many wondered why the Tokunbo Abiru and M.K Ahmad-led board was saddled with managing Polaris Bank’s new single digit interest long term facility worth N786 billion in assets, as they were sure that the finances would also go down the drain.
Less than six months into the operation of the abridge Polaris Bank, AMCON has announced that it is looking for investors to buy the abridge bank and also taking stock of the bank’s assets ahead of the sale.
A statement by its spokesperson Jude Nwauzor was quoted saying that AMCON is seeking new investors to take over the nationalised lender after elections next month.
Nwauzor said, “We would advertise for Expressions of Interest from investors after elections and commence the sale process”.
While stating that the bank was seeking to recover non-performing debts owed it as well as asking for proposals on repayment, Nwauzor added that “The election season has slowed down things.”
Nigerians will vote on Saturday, February 16 in a Presidential election where incumbent Muhammadu Buhari will be seeking a second term in office.
Polaris Bank is an abridge bank, an offshoot of what was left of the now defunct Skye Bank Plc, whose operating licence was revoked by Nigeria’s apex bank, Central Bank of Nigeria (CBN).
AMCON was set up in 2010 to take on non-performing loans from banks as part of the country’s efforts to resolve a financial crisis in financial institutions.
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