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CBN Offers Polaris Bank For Sale

After injecting over four hundred billion naira into Polaris bank by the Central Bank of Nigeria in 2018, the apex bank has finally concluded arrangements to cede it to a prefered bidder.
This medium exclusively gathered that a first generation bank with strong presence in the financial inclusion market has emerged as the preferred bidder.
Until the decision was taken, it was learnt that a consortium of private investors led by a south west top politician made frantic efforts to acquire the bank by mounting pressure on the presidency to influence its bidding.
However, a reliable source said investigation by the presidency identified some individuals of the consortium as major factors that crushed Skye bank that led to CBN’s intervention in the first instance.
The CBN in its wisdom therefore decided to offer it to a much more reliable bidder that would add value and also keep thousands of jobs in the bank.
With the take over by the FIRST generation bank, it would make the biggest bank in Nigeria with widest branch network.
CBN is expected to make the take over public in due course while underground books examination is ongoing.
-mosun Usman

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