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Nairaland Forum / Nairaland / General / Business / AMCON To Sell Polaris Bank After 2019 Elections (14421 Views)
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AMCON To Sell Polaris Bank After 2019 Elections by Igboblog: 2:24pm On Jan 23, 2019 |
The Assets Management Corporation of Nigeria (AMCON) says it will put up Polaris Bank for sale after the 2019 general elections, Igbere TV learnt on Wednesday. AMCON Spokesman, Jude Nwauzor, disclosed this in a statement on Tuesday. A copy of the statement was made available to Igbere TV. Nwauzor had said that electioneering activities have slowed things down. In his words, “The election season has slowed down things. We would advertise for expressions of interest from investors after elections and commence the sale process.” Igbere TV reports that in September 2018, Godwin Emefiele, Governor of the Central Bank of Nigeria, had announced the revoking of the licence of defunct Skye Bank. Polaris was established as a bridge bank to assume the assets and liabilities of the bank. It was then transferred to the state-owned bank for sale to investors. AMCON has previously sold three other nationalised banks. “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sound third-party acquirers,” Godwin Emefiele, governor of the Central Bank of Nigeria, had said when the licence was revoked. He added that “As a responsible and responsive regulator and in consultation with the Nigerian Deposit Insurance Corporation (NDIC), we have decided to establish a bridge bank, Polaris Bank, to assume the assets and liabilities of Skye Bank. The strategy is for the Asset Management Company of Nigeria (AMCON) to capitalise the Bridge Bank and begin the process of sourcing investors to buy out AMCON. By this decision, the licence of the defunct Skye Bank is hereby revoked.” He had also noted that the CBN invested about N800billion in Polaris Bank, and as such, the bank’s name had to change in order to reflect the new ownership structure. Speaking on plans to sell Polaris bank, Nwauzor said the corporation is already working on recovering the non-performing loans owed to Polaris and that AMCON has asked for repayment proposals. AMCON was set up in 2010 to absorb non-performing loans from banks as part of efforts to resolve a financial crisis at that time. Source : http://igberetvnews.com/536481/breaking-polaris-bank-sale/ 2 Likes 1 Share
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Re: AMCON To Sell Polaris Bank After 2019 Elections by DoctorGenerator: 2:30pm On Jan 23, 2019 |
They have successfully bring this bank down 14 Likes |
Re: AMCON To Sell Polaris Bank After 2019 Elections by Igboblog: 2:32pm On Jan 23, 2019 |
Na to go remove the small change wey dey inside the bank 1 Like |
Re: AMCON To Sell Polaris Bank After 2019 Elections by Igboblog: 2:35pm On Jan 23, 2019 |
Okay. Cc, Lalasticlala |
Re: AMCON To Sell Polaris Bank After 2019 Elections by AmadiAba: 2:43pm On Jan 23, 2019 |
Hmmm |
Re: AMCON To Sell Polaris Bank After 2019 Elections by Pekele007: 2:55pm On Jan 23, 2019 |
Buhari and his family cabals have liquidated this one too. 8 Likes 1 Share |
Re: AMCON To Sell Polaris Bank After 2019 Elections by chibuthanks: 2:57pm On Jan 23, 2019 |
OK LET OF GO AND EMPTY MY ACCOUNT |
Re: AMCON To Sell Polaris Bank After 2019 Elections by SalamRushdie: 3:09pm On Jan 23, 2019 |
of course the Buhari cabal wants to buy this one too 5 Likes 1 Share |
Re: AMCON To Sell Polaris Bank After 2019 Elections by AmadiAba: 3:34pm On Jan 23, 2019 |
Igboblog: My thinking too 1 Like |
Re: AMCON To Sell Polaris Bank After 2019 Elections by AmadiAba: 3:35pm On Jan 23, 2019 |
Pekele007: Lol |
Re: AMCON To Sell Polaris Bank After 2019 Elections by Nobody: 3:45pm On Jan 23, 2019 |
Kpagain |
Re: AMCON To Sell Polaris Bank After 2019 Elections by Sunshyne200(m): 3:49pm On Jan 23, 2019 |
This is absurd. Access Bank, Oya come turn to ACCESS DIAMOND POLARIS BANK 13 Likes 1 Share |
Re: AMCON To Sell Polaris Bank After 2019 Elections by adekennis(m): 5:02pm On Jan 23, 2019 |
Would it affect anyone that has fixed deposits with them?? 1 Like |
Re: AMCON To Sell Polaris Bank After 2019 Elections by TooMuchStuff: 5:02pm On Jan 23, 2019 |
Na dem dem Fulani cabals go still buy am with our Niger delta Oil money and recovered loots from Southerners while Fulani looters are chopping free their own loots. Thunder go dismantle Buhari las las 22 Likes 1 Share |
Re: AMCON To Sell Polaris Bank After 2019 Elections by EliteBeautyBlog(f): 5:02pm On Jan 23, 2019 |
Odima |
Re: AMCON To Sell Polaris Bank After 2019 Elections by melanch(m): 5:03pm On Jan 23, 2019 |
I have about 1020 naira in that bank since 2012. That's some money. But I leave them to God. Increase your website traffic with powerful seo backlinks. With 1500, you will get 15 SEO Backlinks. |
Re: AMCON To Sell Polaris Bank After 2019 Elections by freemanbubble: 5:03pm On Jan 23, 2019 |
Isoright I nor even dey bank with them before Na zenith and wema bank get me But for non failure of ATM withdrawal i trust wema bank die That bank nor dey fail me 3 Likes |
Re: AMCON To Sell Polaris Bank After 2019 Elections by SEONaijaExpert: 5:03pm On Jan 23, 2019 |
Polaris and Diamond can merge. Fidelity should buy them or Access Bank |
Re: AMCON To Sell Polaris Bank After 2019 Elections by TheKingIsHere: 5:05pm On Jan 23, 2019 |
Better withdraw your money ASAP. 1 Like |
Re: AMCON To Sell Polaris Bank After 2019 Elections by calmbabadee(m): 5:06pm On Jan 23, 2019 |
DoctorGenerator: speak good english 6 Likes |
Re: AMCON To Sell Polaris Bank After 2019 Elections by yns4real: 5:09pm On Jan 23, 2019 |
Igboblog:. There is no need to do that. Your money is safe. Government has prevented the bank from financial distress, a significant indicator of bank failure. Selling off the bank will give d government d opportunity to recover d bailout fund and put d running of the bank on a sound footing 2 Likes 1 Share |
Re: AMCON To Sell Polaris Bank After 2019 Elections by GOFRONT(m): 5:10pm On Jan 23, 2019 |
Let me go and buy data out of my remaining N985, then we call it a quit. |
Re: AMCON To Sell Polaris Bank After 2019 Elections by godwinstringed1(m): 5:11pm On Jan 23, 2019 |
Re: AMCON To Sell Polaris Bank After 2019 Elections by Evercurious(f): 5:14pm On Jan 23, 2019 |
adekennis: Abeg go collect liquidate the fixed deposit and get out your money 1 Like |
Re: AMCON To Sell Polaris Bank After 2019 Elections by searchproject(f): 5:15pm On Jan 23, 2019 |
So the winner of the election will then Buy the Bank |
Re: AMCON To Sell Polaris Bank After 2019 Elections by AmazingELixir: 5:16pm On Jan 23, 2019 |
I have a substantial amount of money in that bank ooh!... 1 Like |
Re: AMCON To Sell Polaris Bank After 2019 Elections by CuddleBear(f): 5:24pm On Jan 23, 2019 |
I'm not bothered. I kukuma have zero naira there |
Re: AMCON To Sell Polaris Bank After 2019 Elections by Yankee101: 5:24pm On Jan 23, 2019 |
Thanks to Buhari's best friend Another potential failing bank Who will want to buy now? |
Re: AMCON To Sell Polaris Bank After 2019 Elections by kamez(m): 5:32pm On Jan 23, 2019 |
hmmmmmmmmmmmmmmm!!!!! if ur money is still in this bank, your name na SORRY!!!! |
Re: AMCON To Sell Polaris Bank After 2019 Elections by helinues: 5:41pm On Jan 23, 2019 |
So the new Skype bank Management are still struggling? |
Re: AMCON To Sell Polaris Bank After 2019 Elections by Donraqh(m): 6:04pm On Jan 23, 2019 |
adekennis: Not at all, whatever fix deposit you have with them is safe and sound. There's no cause for panic. |
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