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 N50billion 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.
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