The Asset Management Corporation
of Nigeria (AMCON) says it plans to sell Polaris Bank within two years.
Ahmed Kuru, Chief Executive
Officer, AMCON, said this in an interview with Bloomberg in Lagos.
The Central Bank of Nigeria (CBN)
had revoked the operating licence of Skye Bank 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.
He said: “We met with the
management of Polaris Bank and will sell the financial institution in less than
two years.”
Kuru added that the authorities
intervened in the Skye Bank issue because of “a lot of systemic issues”,
including saving more than 5,000 jobs and almost N1 trillion in deposits.
He said AMCON will advertise for
financial advisers for the sale of Polaris Bank after an investigation into the
cause of its capital and liquidity challenges.
“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,” Kuru said.
“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.”
Kuru said AMCON, established in
2010 to buy bad debts, had set a 2023 deadline to dissolve its operations, even
as it is still struggling to recover non-performing loan
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