 has said it wants a quick sale of Polaris the bridge bank which took over from the failed Skye Bank){kind=link}
The Asset Management Corporation of Nigeria (AMCON) has said it wants a quick sale of Polaris the bridge bank which took over from the failed Skye Bank Plc, after the revocation of its licence.
The Chief Executive Officer, AMCON, Ahmed Kuru, said in an interview that the divestment would be quick as AMCON had met with the management of Polaris Bank and would sell the business in less than two years.
According to him, AMCON had set a 2023 deadline for dissolving the operations of Polaris Bank.
He noted, however, that it was still struggling to recover from non-performing loans.
This comes after the Central Bank of Nigeria had last month revoked the licence of Skye Bank over the inability to meet its minimum threshold, and asked AMCON to capitalise Polaris Bank with N786bn.