The Assets Management Corporation of Nigeria (AMCON) says it will begin the process of seeking buyers for Polaris Bank when the general election is ov
The Assets Management Corporation of Nigeria (AMCON) says it will begin the process of seeking buyers for Polaris Bank when the general election is over.
“The election season has slowed down things. We would advertise for expressions of interest from investors after elections and commence the sale process,” AMCON spokesman, Jude Nwauzor said.
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. It was then transferred to the state-owned bad bank for sale to investors. AMCON has previously sold three other nationalised banks.
Nwauzor said the corporation is already working on recovering the non-performing loans owed to Polaris and that AMCON has asked for repayment proposals. AMCON was set up in 2010 to absorb non-performing loans from banks as part of efforts to resolve a financial crisis at that time.
