The Asset Management Corporation of Nigeria (AMCON) plans to sell Polaris Bank within two years. Ahmed Kuru, chief executive officer, AMCON, revealed the plan in an interview with Bloomberg in Lagos.
The Central Bank of Nigeria (CBN) saw to the operating licence of Skye Bank getting revoked in September for failing to meet capital and liquidity requirements. Polaris Bank was subsequently approved as a bridge bank to take on the assets and liabilities of Skye Bank.
Kuru said the agency has met with the management of Polaris Bank and will sell the financial institution in less than two years. He also said that the authorities intervened in the Skye Bank issue because of “a lot of systemic issues”. This included saving more than 5,000 jobs and almost N1 trillion in deposits.
Kuru said AMCON will invite financial advisers for the sale of Polaris Bank after an investigation into the cause of its capital and liquidity challenges. He said, “The divestment must be quick. It’s a very big bank and if you allow anything to happen to it, it will affect some other financial institutions. Because we have put a lot of money there, where we find out that something wrong has been done, I can assure you that people will be held responsible.”