The Central Bank of Nigeria has announced that 25 companies have been asked to participate in the sale of Polaris Bank Limited through the completion of a non-disclosure agreement.Information Guide Nigeria
This was said by CBN’s Director of Corporate Communications, Osita Nwanisobi, in a statement headed ‘Sale of Polaris Bank: CBN sets record straight’.
He stated that the CBN’s attention had been directed to a fraudulent, dishonest, and deceptive online publication that made various false assertions about the recent sale of the Federal Government’s stake in Polaris Bank Ltd.
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He highlighted that the CBN was compelled to address these inaccuracies due to the possible dire ramifications for the bank’s stability, the Nigerian financial industry, and the economy.
He said, “For the records, the public is referred to the statement dated October 20, 2022 by CBN & AMCON announcing the sale of 100 per cent equity in Polaris Bank to a new core investor, Strategic Capital Investment Limited, wherein it provided copious details of the process by which the sale was conducted.
“Contrary to claims in the aforementioned online publication, the divestment from Polaris Bank was supervised by a divestment committee comprising of senior representatives of AMCON and CBN, and supported by reputable legal and financial advisers.JAMB portal
“In addition, the divestment mode, process and decision received requisite board and regulatory approvals. At no time did any other party make a higher purchase offer as falsely claimed by the online publication.
“The entity in question, Fairview Acquisition Partners, had indicated an interest in acquiring two banks, including Polaris Bank, for a total sum of N1.2tn, an indicative offer which significantly discounted the existing N1.31tn debt owed by Polaris Bank to AMCON and so represented a material loss to the Federal Government.NYSC portal
“Notwithstanding, along with 24 other parties, Fairview Acquisition Partners was invited by the financial advisors to participate in the sale process via the execution of a non-disclosure agreement, the first stage of the process.”
He added that the financial advisors informed the committee that Fairview Acquisition Partners neither executed nor returned the NDA despite verbally confirming receipt of the agreement and after follow-up from the financial advisors.
‘Therefore, Fairview Acquisition Partners did not take the opportunity to update their offer by participating in the divestment process and thus did not make a binding purchase offer for Polaris Bank,” he said.
According to him, the divestment was conducted in accordance with the applicable legislation, international best practises for bank resolutions, and necessary regulatory clearances.
He stated that the committee, along with its legal and financial advisors, conducted a rigorous technical and financial evaluation of the purchase proposals, assessing, among other things, the promoters’ fitness and propriety, offer price received versus reserve price, funding structure and financial capacity, strategy and growth plans.JAMB Result
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