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AMCON To Commence Sale Of Polaris Bank

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The Assets Management Corporation of Nigeria (AMCON) has said that it will commence the process for the sale of Polaris Bank after the general elections.

Spokesman for AMCON, Mr. Jude Nwazor stated this in a statement.

It could be recalled that Polaris bank was set up in 2018 to take over the assets of Skye Bank PLC.

The Central Bank of Nigeria (CBN) revoked Skye Bank operating license after its collapse.

Mr. Nwazor said that the corporation will advertise for investors to express their interest which will help the process of the sales after the election.

According to the spokesman, the corporation is seeking to recover non-performing debts owed to Polaris Bank and has asked for proposals on repayment.

AMCON had injected N786 billion into the bank to ensure the bank is sound and profitable.

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