The Central Bank of Nigeria and AMCON have announced the completion of the sale of shares in Polaris Bank to Strategic Capital Investment Limited (SCIL).
The CBN in a press release on its website claims that SCIL has paid the upfront of N50 billion and in accepting the terms will repay fully the sum of N1.305 trillion being the consideration bonds injected by the CBN.
Whilst, the bank was sold for N50 billion, the repayment of N1.3 trillion means the bank will have to pay Polaris Bank about N52 billion a year in redeeming the bonds raised by AMCON. For the bank to repay the loans they will have to generate profits in excess of N60 billion.
