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Strategic Capital Investment Acquires Polaris Bank

As reps back acquisition

by Mark Itsibor
3 years ago
in Cover Stories
Polaris Bank
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The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) have formally announced the completion of a Share Purchase Agreement (SPA) for the acquisition of 100 per cent of the equity in Polaris Bank  by Strategic Capital Investment Limited (‘SCIL’).

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This is even as the House of Representatives on Wednesday okayed the sale of Polaris Bank, noting that the acquisition followed laid down procedure and the relevant presidential approval.

A statement issued by the director, corporate communications department at the CBN, Osita Nwanisobi, on behalf of the CBN and AMCON disclosed that SCIL had paid an upfront consideration of N50 billion to acquire 100 per cent of the equity of Polaris Bank and had also accepted the terms of the agreement which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected.

According to the statement, “the CBN thus received an immediate return for the value it has created in Polaris Bank during the stabilisation period, as well as ensuring that all funds originally provided to support the intervention are recovered.

 

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Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

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