CBN Sells Popular Commercial Bank
Yesterday in Abuja, the Central Bank of Nigeria (CBN) announced the completion of the sale of a popular commercial bank; Polaris Bank.
This was disclosed by Mr Osita Nwanisobi, CBN’s Director, Corporate Communications in a press statement.
Nwanisobi announced that the new core investor in the bank is Strategic Capital Investment Limited, disclosing that the deal was sealed with SCIL by the CBN and Asset Management Company of Nigeria (AMCON).
“Polaris has been operating as a bridge bank since 2018 when the Central Bank of Nigeria intervened to revoke the license of the former Skye Bank Plc and established Polaris Bank to assume its assets and certain liabilities. As part of the CBN intervention, consideration bonds with a face value of N898 billion (future value of N1.305 trillion) was injected into the bridge bank through AMCON, to be repaid over a 25-year period. These actions were taken to prevent the imminent collapse of the bank, enable its stabilisation and recovery, protect depositors’ fund, prevent job losses and preserve systemic financial stability.”
“SCIL has paid an upfront consideration of N50 billion to acquire 100% of the equity of Polaris Bank and has accepted the terms of the agreement which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected. The CBN thus received an immediate return for the value it has created in Polaris Bank during the stabilisation period, as well as ensuring that all funds originally provided to support the intervention are recovered.
Traders and commercial motorbike riders clash in Abuja, killing many people and burning houses and shops
A clash between traders and commercial motorcyclists, known as Okada riders, is said to have murdered a number of people in Dei Dei, a town in Abuja Municipal Area Council (AMAC) of the Federal Capital Territory (FCT).In the ensuing mayhem, shops, houses, and vehicles were set ablaze, according to Naijacrawl.According to Naijacrawl, the conflict was caused by an accident involving a commercial motorcyclist."Attack between traders and Okada riders in a very large mar...
Lagos Places Total Ban On Commercial Motorbike Riders In Six Local Council Areas
This decision came just days after a sound engineer named David was allegedly killed in Lekki by a mob of motorcyclists over a N100 balance.In six local government districts across Lagos, the state government has imposed a total ban on motorcyclists, sometimes known as' Okada riders. 'The prohibition was announced by the state governor, Babajide Sanwo-Olu, today at the Lagos House in Ikeja while dealing with all Divisional Police Officers (DPOs) and Area Commanders...
Commercial vehicles will start car conversion to run on gas – Osinbajo
Osinbajo has issued a new way for transportation to work on a low price making use of gas. We don't know if this is good idea, kindly drop your own option.According to a statement on Monday by his Senior Special Assistant on Media and Publicity, Laolu Akande, the vice-president disclosed this during an interview he had with State House correspondents on Sunday.The statement was titled, ‘President understands pains of Nigerians, working out further palliatives -VP Os...
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