CBN May Sell Polaris Bank For N40bn


 

There are indications that Central Bank of Nigeria may sell Polaris Bank Ltd to a businessman for roughly N40 billion, according to multiple sources familiar with the ongoing talks. 


The transaction, if it goes through, would amount to a paltry three percent of up to N1.2 trillion taxpayers’ funds poured into the lending house since its 2018 nationalisation.


CBN Governor Godwin Emefiele may have already received a presidential approval to advance the sale


Issues are being raised over the deal as to whether or not the bank should be sold to Auwal Lawan Abdullahi, a son-in-law to Ibrahim Babangida who holds the Sarkin Sudan Gombe traditional title from the northeastern state, despite his limited credentials in banking and finance.


Abdullahi was described as a commercial farmer in Gombe, but his public profile appeared scanty away from his flamboyant 2017 marriage to Halimat, the second daughter and last child of Mr Babangida, who headed a military junta that ruled Nigeria from 1985 to 1993. 


Emefiele and others convinced the president to grant approval for the sale and they’re now moving to crush anyone standing in the way,” a source briefed on the matter said. “They don’t seem to care that they could do more than sell the bank for more than the roughly N40 billion offer they currently have from their secret talks.

Source : The Gazette 

CKN NEWS

Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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