AMCON begins search for investors for Polaris Bank

AMCON to sell off Polaris Bank in two years

The Asset Management Corporation of Nigeria (AMCON) has begun a search for new investors to take over Polaris Bank.

The corporation, which is already taking stock of the assets of the bank ahead of the sale, is targeting new investors taking over after the country’s general elections ending in the first week of March this year.

Reuters quoted the spokesman for AMCON, Jude Nwauzor, on Tuesday as saying that “the election season has slowed down things. We would advertise for expressions of interest from investors after elections and commence the sale process.”

The Central Bank of Nigeria, CBN, set up Polaris Bank as special vehicle company last year to take over the assets of Skye Bank Plc, which collapsed and after its operating licence was revoked by it.

Read also: CBN raises alarm over Nigeria’s rising debt

It then transferred the new bank to the state-owned AMCON for sale to investors.

Three other nationalised banks had previously been sold by the corporation.

According to the AMCON spokesman, the corporation was seeking to recover debts owed to Polaris that were non-performing and had asked for proposals on repayment.

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