CBN set to sell Polaris bank after 2018 nationalisation

Abuja—The Central Bank of Nigeria is set to sell Polaris Bank Ltd to a businessman for roughly N40 billion.

It is reported that the transaction if it goes through, would amount to a sum of three percent of up to N1.2 trillion governments fund poured into the bank since its 2018 nationalisation.

Peoples Gazette exclusively reports that CBN Governor Godwin Emefiele has already received presidential approval to advance the sale, with public disclosure due any time soon unless backdoor objections grow stronger.

It is gathered that the said buyer is one Auwal Lawan Abdullahi, a son-in-law to former Nigerian military ruler, Ibrahim Babangida who holds the Sarkin Sudan Gombe traditional title from the northeastern state.

Mr Abdullahi was described as a commercial farmer in Gombe and 2017 got married to Halimat, the second daughter and last child of Mr Babangida.

Auwal Abdullahi and his wife, Halimat Babagida

Polaris Bank was nationalised in September 2018 after AMCON bought its debts. It was known as Skye Bank until the takeover. But AMCON has not been able to sell the bank to investors since the takeover, which was precipitated at the time by the financial crisis, and recession, of 2016 and 2017.  

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