After weeks of speculations and denials, a new company, Strategic Capital Investment Limited, has acquired one of Nigeria’s financial institutions, Polaris Bank.
The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) which announced the completion of a Share Purchase Agreement (SPA) for the acquisition of 100 per cent of the equity in the bank on Thursday said the acquiring company had paid an upfront consideration of N50bn.
This House of Representatives, which had initially kicked against the same on Wednesday okayed the sale.
The House disclosed that the followed laid due process and other relevant presidential approval.
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Director, Corporate Communications at the CBN, Osita Nwanisobi, in a statement on behalf of the CBN and AMCON disclosed that Polaris Bank 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.