The process for the sales of Polaris Bank will start after the general election, according to the Assets Management Corporation of Nigeria (AMCON).
Concise News understands that the spokesman of AMCON Jude Nwauzor said this on Tuesday where he revealed that the electioneering period has slowed down the process
“The election season has slowed down things,” Nwauzor told Reuters. “We would advertise for expressions of interest from investors after elections and commence the sale process.”
Nwauzor added that AMCON is working on the recovery of non-performing loans owed to Polaris.
Polaris Bank was started as a link to take over the assets of Skye Bank after it was collapsed and its license revoked by the Central Bank of Nigeria (CBN).
Concise News learned that Polaris Bank was then handed over to the state-owned bad bank for sale to investors.
“The capitalisation of Polaris Bank Limited is being done by the Assets Management Corporation of Nigeria through the injection of about N786 billion to return the bank to soundness and profitability so as to enable its subsequent sale to credible and financially sound third-party acquirers,” the CBN had said when it revoked the bank’s license.
Nigeria will holds its presidential election on February 16, 2019, with incumbent Muhammadu Buhari battling for re-election.