The Central Bank of Nigeria may have concluded to sell Polaris Bank, one of Nigeria’s commercial retailing Bank that transformed from Skype Bank.
In 2018, the apex Bank injected over four hundred billion naira into Polaris bank for it to survive, but information made available to CAPITAL POST by an insider, though sketchy, indicated that CBN has its preferred bidder for Polaris Bank.
CBN’s preference is for a particular first generation financial institution that has strong financial base and presence in the country, rather than individuals, according to insider source.
CAPITAL POST earlier reported that a South West business tycoon and politician has concluded arrangements to buy up the Bank.
Meanwhile,a source said investigation by the presidency identified some individuals of the consortium as major factors that crushed Skye bank that led to CBN’s intervention in the first instance, saying those identified who are scrambling to buy the bank won’t be allowed this time.
The CBN in its wisdom therefore decided to offer it to a much more reliable bidder that would add value and also keep thousands of jobs in the bank.
With the take over by the First generation bank, it would make the biggest bank in Nigeria with widest branch network.
CBN is expected to make the take over public in due course while underground books examination is ongoing.
