News
BREAKING: CBN, AMCON announce sale of Polaris Bank
The Central Bank of Nigeria (CBN) and the Asset Management Corporation of Nigeria (AMCON) have formally announced the completion of a Share Purchase Agreement (SPA) for the acquisition of 100 per cent of the equity in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’).
This is even as the House of Representatives on Wednesday okayed the sale of Polaris Bank, noting that the acquisition followed laid down procedure and the relevant presidential approval.
A statement issued by the Director, Corporate Communications Department at the CBN, Osita Nwanisobi, on behalf of the CBN and AMCON, disclosed that SCIL had paid an upfront consideration of N50 billion to acquire 100 per cent of the equity of Polaris Bank and had also accepted the terms of the agreement which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected.
According to the statement, “the CBN thus received an immediate return for the value it has created in Polaris Bank during the stabilisation period, as well as ensuring that all funds originally provided to support the intervention are recovered.
“The sale was coordinated by a Divestment Committee (the ‘Committee’) comprising representatives of the CBN and AMCON, and advised by legal and financial consultants. The Committee conducted a sale process by ‘private treaty’, as provided in section 34(5) of the AMCON Act to avoid negative speculations, retain value and preserve financial system stability.
“In the process, parties who had formally expressed an interest in acquiring Polaris Bank, subsequent to the CBN intervention in 2018, were invited to submit financial and technical proposals. Invitations to submit proposals were sent to 25 pre-qualified interested parties, out of which three parties eventually submitted final purchase proposals following technical evaluation.
“All submissions were subject to a rigorous transaction process from which SCIL emerged as the preferred bidder having presented the most comprehensive technical/financial purchase proposal as well as the highest rated growth plans for Polaris Bank,” the statement added.
Meanwhile, the CBN Governor, Mr. Godwin Emefiele, was quoted as saying that the sale of the bank “marks the completion of a landmark intervention in a strategic institution in the Nigerian banking sector by the CBN and AMCON.”
He commended the outgoing board and management for their vital role since the bridge bank was established; in stabilising the Bank’s operations, its balance sheet and implementing strong governance structures to address the issues that led to the intervention.
According to the Governor, the process has provided the CBN with an unprecedented opportunity to recover its intervention funds in full and promote financial stability and inclusive growth. He wished SCIL well as they implement growth plans to build the bank from the strong foundations that have been established.”
It will be recalled that Polaris has been operating as a bridge bank since 2018 when the Central Bank of Nigeria intervened to revoke the licence of the former Skye Bank Plc and established Polaris Bank to assume its assets and certain liabilities.
As part of the CBN intervention, consideration bonds with a face value of N898 billion (future value of N1.305 trillion) was injected into the bridge bank through AMCON, to be repaid over a 25-year period. The Bank noted that the actions were taken to prevent the imminent collapse of the bank, enable its stabilisation and recovery, protect depositors’ fund, prevent job losses and preserve systemic financial stability.
Speaking on the acquisition on Wednesday, October 19, 2022, the chairman of the House of Representatives Ad-hoc Committee investigating the sale of Polaris Bank, Hon. Henry Nwawuba, said that the lawmakers during the scrutiny of various documents and extant regulatory process on the sale of the bank, discovered that there were evidences of substantial compliance with the process.
The Emir of Kano, Sanusi Lamido Sanusi has been summoned to the Nigerian Po,ice Force headquarters to face criminal investigation.
In a letter dated 4th April and signed by Commissioner of Police in Charge of Operations, Olajide Rufus Ibitoye, said he was directed by the Inspector General of Police to invite the Emir for questioning for violating Durbar ban.
A copy of the letter sighted by CAPITAL POST indicated that Sanusi led a Durbar processing to the Government House to pay homage despite the ban which the Police expressed security concerns.
The urged Emir Sanusi Lamido to appear on Tuesday,b8th April, 2025.
Sanusi reportedly led a procession in car as against the usual horses in which a 20-year old in the entourage was arrested and detained.
Senate President, Godswill Obot Akpabio has accused Senator Natasha Akpoti-Uduaghan and Elisha Abbo of being united I coordinated attacks against him lately.
He stated this following Natasha’s claims during a rally in her Kogi Central Senatorial District that he recruited the former Governor of Kogi State, Yahaya Bello to assassinate her outside Abuja.
At the rally on Tuesday 1st April, 2025 which was monitored by CAPITAL POST in Lokoja, Natasha accused the former Governor Yahaya Bello, having been contacted late in the night of March 12, 2025 to orchestrated ‘recall and assassination’ of her outside Abuja.
Natasha said she has intelligence reports that when she is killed in her Constituency, “it will look as if it’s her people that killed her.”
Though Bello was yet to issue a statement debunking the allgations or otherwise, Senate President on his part denied the allegation and described it as falsehood and inflammatory.
Reacting in a statement by the Special Adviser on Media and Publici, Hon. Eseme Eyiboh on Friday, Akpabio accused former Senator representing Adamawa North Senatorial, Elisha Abbo of toeing the similar part of blackmail, saying barely 24 hours later, on April 2, 2025, Elisha Abbo appeared on Arise Television to revive a previously withdrawn claim that Senator Akpabio “manipulated the judiciary” to secure his removal from the Senate.
The statement said: “Nigerians will recall that Mr. Abbo, in 2023, publicly retracted this same accusation and tendered an apology after acknowledging that his claims were founded on incorrect assumptions.
“His removal from office was the outcome of a constitutionally grounded judicial decision by the Court of Appeal, which independently determined that he was not duly elected to represent Adamawa North.
“In a further twist, Mr. Abbo also alleged that he was denied his entitlements by the Senate President. This, too, is categorically false. Entitlements such as salaries and allowances are processed strictly through administrative and legal procedures.
“The Senate President does not and cannot unilaterally approve or deny such requests. Any delays or rejections would have been based solely on due diligence and compliance with established protocols.
“The timing, tone, and striking similarity of these coordinated attacks point clearly to a politically motivated smear campaign. These individuals—backed by undisclosed interests—appear united in a desperate effort to undermine the credibility of the Senate and its leadership and intended to distract from their own personal and political shortcomings and failings.
“Senator Godswill Akpabio remains undeterred. As a statesman devoted to national unity, institutional integrity, and the rule of law, he will not be distracted by malicious falsehoods or inflammatory rhetoric.
“Regardless of the necessity for legal redress, formal letters of demand, seeking immediate public retractions, apologies, and compensation for reputational harm, are underway to be served on both Senator Natasha Akpoti-Uduaghan and Mr Elisha Abbo.
“We call on the Nigerian public in particular and the International Community to reject these baseless and provocative narratives. The Senate, under Senator Akpabio’s leadership, remains focused on its constitutional mandate: to promote legislative excellence, safeguard democratic values, and deliver meaningful progress for the Nigerian people”, the statement concluded.
Kogi State Governor, Ahmed Usman Ododo, has expressed heartfelt sympathy over the demise of Hon. Suleiman Muhammed, the Kogi East Zonal Chairman of the All Progressives Congress (APC).
In a condolence message to the family of the deceased and members of the APC in Kogi state, described the sudden passing of the APC Zonal chairman as a loss not only for the party in Kogi East but the entire APC family in the state.
According to the Governor “The late Hon. Suleiman Muhammed was a man of peace, humility, and one who demonstrated commitment to the service of the state and the APC as a party. He carried the aspirations of his people with dignity; his leadership was widely respected and his contributions deeply valued within and beyond the APC in Kogi East”.
“He was instrumental in strengthening party cohesion and promoting inclusive dialogue. His presence in every party engagement brought stability and thoughtful leadership to our consultations in the zone.”
Governor Ododo further noted that Hon. Suleiman’s calm temperament, sense of fairness, and ability to listen distinguished him as a unifying figure in the party.
The Governor also extends condolences to the family of the deceased, the leadership and members of the APC in the state, the people of Dekina local government area and the entire Kogi East Senatorial District.
He prayed that Almighty Allah (SWT) forgive his shortcomings and grant him Aljanatul Firdaus.
The late APC zonal chairman who served as the APC coordinator in Odu Ward 2 before becoming the zonal chairman of the party in Kogi East died at the age of 45 and has been laid to rest according to Islamic rites.
-
Security1 week agoNew Commissioner of Police in Niger, Elleman sends strong warning to criminals
-
News6 days agoAbia: LG Chairman, Iheke accused of using soldiers to detain IRS agent, claims Governor Otti’s support
-
News13 hours agoSenators Natasha, Abbo unite in peddling dangerous falsehood against me – Akpabio
-
News1 week agoKogi Governor, Ahmed Usman Ododo salutes Tinubu at 74
-
News5 days agoKogi government bans rallies ahead of Natasha’s homecoming slated for Tuesday
-
News1 week agoAkpabio pays historic visit to office of SA to President on Senate Matters
-
News1 week agoPlateau LP stakeholders endorses Barr Gyang Zi’s defection to APC
-
News5 days agoIran may secure a deal before Trump’s deadline – or face Israeli strikes in Tehran – analysis