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Customers worried as former Skye Bank, Polaris Bank to be sold again

Amadin Ogbewe

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Polaris bank which took over Skye bank a few months ago will reportedly be sold after 2019 elections. 

According to Reuters, this was disclosed by the Asset Management Corporation of Nigeria (AMCON) spokesman, Jude Nwauzor, on Tuesday.

Nwauzor disclosed: 

“The election season has slowed down things. We would advertise for expressions of interest from investors after elections and commence the sale process”.

The license of Skye bank had been revoked in September 2018 by the Governor of Central Bank, Godwin Emefiele. Polaris had been established to assume the assets and liabilities of the bank. 

Emefiele had said: “As a responsible and responsive regulator and in consultation with the Nigerian Deposit Insurance Corporation (NDIC), we have decided to establish a bridge bank, Polaris Bank, to assume the assets and liabilities of Skye Bank.

The strategy is for the Asset Management Company of Nigeria (AMCON) to capitalise the Bridge Bank and begin the process of sourcing investors to buy out AMCON. By this decision, the licence of the defunct Skye Bank is hereby revoked.”

READ:Breaking: Access bank buys Diamond bank

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