By Elizabeth Adegbesan with agency
The Assets Management Corporation of Nigeria (AMCON) has said it will commence the process of sourcing for buyers for Polaris Bank Limited immediately after the general elections.
AMCON’s head of communications, Jude Nwauzor, disclosed this in an interview, according to Reuters.
Nwauzor explained that the pre- election activities, especially the presidential election taking place in February 16, have slowed the process.
He said: “The election season has slowed down things. We would advertise for expressions of interest from investors after elections and commence the sale process.”
“The capitalisation of Polaris Bank Limited is being done by the Assets Management Corporation of Nigeria through the injection of about N786 billion to return the bank to soundness and profitability so as to enable its subsequent sale to credible and financially sound third-party acquirers,” Godwin Emefiele, governor of the Central Bank of Nigeria, had said when the licence was revoked.
Nwauzor explained that the agency has already commenced work on recovering the non-performing loans (NPLs) owed to Polaris and that AMCON has asked for repayment proposals.
Polaris Bank was set up as a bridge bank to take over the assets of Skye Bank, which collapsed and had its operating licence revoked by the Central Bank of Nigeria, CBN. It was then transferred to the state-owned bad bank for sale to investors.