Polaris Bank ready for sale after 2019 elections

The Asset Management Corporation of Nigeria (AMCON) has said Polaris Bank will be put up for sale after the 2019 elections. This is coming barely four months after the bank was taken over from Skye Bank.

According to a report by Reuters, this was disclosed by Jude Nwauzor, the AMCON spokesman, on Tuesday.

Speaking on plans for the sale of the bank, Nwauzor said: “The election season has slowed down things. We would advertise for expressions of interest from investors after elections and commence the sale process of Polaris bank.”.

Recall that sometime in September 2018, Godwin Emefiele, Governor of the Central Bank of Nigeria, had announced the establishment of a bridge bank, Polaris Bank, to assume the assets and liabilities of Skye Bank.