NDIC Breaks Silence On Planned Sale Of Polaris Bank

SCIL To Pay N1.3trn In 25yrs After Purchasing Polaris Bank

The Nigeria Deposit Insurance Corporation (NDIC), has broken its silence over the planned sale of Polaris Bank, saying it is not happening.

A report on Tuesday, August 2, 2022, claimed that the central bank was secretly advancing its steps to sell Polaris Bank to an obscure businessman for roughly N40 billion.

The report, which had since gone viral, also claimed that Governor Godwin Emefiele of the CBN had already secured presidential approval to carry on with the sale.

“At issue over the deal were questions of whether or not the bank should be sold to Auwal Lawan Abdullahi, a son-in-law to Ibrahim Babangida who holds the Sarkin Sudan Gombe traditional title from the northeastern state, despite his limited credentials in banking and finance,” the report read partly.

Reacting to the report, NDIC’s Managing Director (MD), Bello Hassan said the financial institution is not in any form of distress to be sold, adding that likewise other banks in the country.

His words: “All banks that are operating within the country are sound in as much as their licences have not been revoked. If there is a problem, the regulator that issues the licence will be the one to revoke the licence.

“In as much as the licence is not revoked, you’re free to continue to bank with the institution; it means it is safe.”

BizWatch Nigeria understands that in 2018, Polaris Bank experienced a rebirth after its precursor Skye Bank was nationalised.

Ultimately, Skye Bank’s acquisition of Mainstreet Bank and its related party excesses had led to the downfall of the once thriving bank.

Following the rebirth, Polaris Bank went through a restructuring that dissolved the financial institution’s then board and management.

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