CBN not planning to sell Polaris Bank at N40bn- Bank debunks report

Polaris Bank has dismissed a report that the apex bank, the Central Bank of Nigeria was about to sell the bank to Auwal Lawan Abdullahi for N40 billion.

The bank made the disclosure in response to media reports about an alleged secret acquisition of Polaris Bank.

The statement by the bank said that such speculative publication was a deliberate intention to create panic and as such, should be disregarded.

Dismissing the report, the Bank said, “Our attention has been drawn to an online report on the purported sale of Polaris Bank Limited.

“This publication is speculative, deliberately intended to create panic and should be disregarded by the banking public.”

The bank added, “Stakeholders may recall the regulatory intervention in the erstwhile Skye Bank by the CBN and the subsequent injection of capital via the Asset Management Corporation of Nigeria through a bridge bank process, which birthed Polaris Bank in 2018.”

The bank stated that it has seen growth in customer base and profitability since the CBN interventions.

“The bank has since stabilised its operations following the intervention; improving its balance sheet, customer base and profitability.”

The Bank stated that it would return to private owner but would give proper notice to stakeholders.

“Whilst the intention has always been to return the bank to private ownership, such a sale will occur following regulatory approvals with formal notification to all relevant stakeholders,’’ it said.

The statement further said that the bank was committed to ensuring timely communication to the