The Asset Management Corporation of Nigeria, AMCON is seeking new investors to take over Polaris Bank and is also taking stock of the bank’s assets in preparation of a sale.
According to Reuters, Jude Nwauzor , spokesman for AMCON, said the election season has slowed down things and would source for investors after elections and commence the sale process.
Low oil prices put pressure on banks business of lending to the oil and gas industry, hence some banks in the country have faced tough times since.
Recall Polaris Bank was set up last year to take over the assets of Skye Bank Plc, when it’s licence was revoked by the Central Bank of Nigeria.