Polaris Bank Denies Report Of CBN Plan To Sell Bank For N40 Billion

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Polaris Bank has refuted a report that claimed that the Central Bank of Nigeria was about to sell the bank to Auwal Lawan Abdullahi for N40 billion.

The bank made the disclosure in response to media reports about an alleged secret acquisition of Polaris Bank.

Polaris Bank in the statement said that a sale would only occur following regulatory approvals with formal notification to all relevant stakeholders,

“Our attention has been drawn to an online report on the purported sale of Polaris Bank Limited.

“This publication is speculative, deliberately intended to create panic, and should be disregarded by the banking public.

“Stakeholders may recall the regulatory intervention in the erstwhile Skye Bank by the CBN and the subsequent injection of capital via the Asset Management Corporation of Nigeria through a bridge bank process, which birthed Polaris Bank in 2018.

“The bank has since stabilised its operations following the intervention; improving its balance sheet, customer base, and profitability.

“Whilst the intention has always been to return the bank to private ownership, such a sale would occur following regulatory approvals with formal notification to all relevant stakeholders.

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The bank is committed to ensuring timely communication to the public in such an event.

“The board and management hereby reassure its customers, staff and the general public that Polaris Bank remains a stable, strong and credible financial institution, positioned to deliver sustainable value to all its stakeholders.”

Recall that the CBN revoked the operating licence of Skye Bank in September 2018. The apex bank then established Polaris Bank to assume all the assets and liabilities of the defunct Skye Bank.