The Asset Management Corporation of Nigeria (AMCON) is seeking new investors to take over nationalised lender, Polaris Bank, after elections next month.
AMCON is also taking stock of the bank’s assets ahead of its planned sale in February, Jude Nwauzor, spokesman for AMCON, said.
Nwauzor noted that AMCON would advertise for expressions of interest from investors after elections and commence the sale process.
“The election season has slowed down things,” he said.
He said AMCON was already taking steps to recover debts owed to Polaris Bank that were non-performing and had asked for proposals on repayment.
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It would be recalled that Polaris Bank was set up last year as a ‘Bridge Bank’ to take over the assets of collapsed Skye Bank which had its operating licence revoked by the Central Bank of Nigeria. Polaris was then transferred to AMCON for sale to investors. AMCON had previously sold three other nationalised banks.
Asset Management Corporation of Nigeria (AMCON) was established in July 2010 to be a key stabilising and revitalising tool aimed at reviving the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy.
