CBN Clears Air On Sale Of Polaris Bank

The Central Bank of Nigeria (CBN) has said that the sale of Polaris Bank followed due process and has urged the public to disregard what it described as a misleading online publication stating otherwise.

The apex bank made the declaration in a statement on Wednesday signed by its Director of Corporate Communications, Osita Nwanisobi.

It said contrary to online reports, the divestment from Polaris Bank was supervised by a Divestment Committee (Committee) comprising senior representatives of the Asset Management Corporation of Nigeria (AMCON) and the CBN as well as reputable legal and financial advisers.

The CBN added that the divestment mode, process and decision received requisite board and regulatory approvals.

The apex bank said that following evaluation, the promoters of the strategic purpose vehicle, SCIL emerged the preferred purchaser having presented the most comprehensive technical and financial purchase proposal and the highest-rated growth plans for Polaris Bank.

In addition to passing all fitness and propriety tests, CBN said the promoters also made the highest financial offer for the bank, which was significantly above its core valuation and reserve price.

-Channelstv