Polaris has been operate as a bridge deck deposit since 2018 when the Central Bank of Nigeria interfere to renege the license of the old Skye Bank Plc and instal Polaris Bank to feign its assets and sealed indebtedness . As portion of the CBN intercession , retainer adhere with a case treasure of N898 billion ( next evaluate of N1.305 trillion ) were throw in into the bridge money box through AMCON , to be give back over a 25 - yr full point . These carry through were conduct to forbid the close at hand collapse of the cant , enable its stabilization and recovery , protect depositor ’ monetary resource , foreclose business passing and preserve systemic financial stableness . SCIL has pay an upfront circumstance of N50 billion to assume 100 % of the equity of Polaris Bank and has take over the terminal figure of the concord which include the fully refund of the summarise of N1.305 trillion , being the retainer bond paper put in . The CBN frankincense invite an contiguous deliver for the time value it create in Polaris Bank during the stabilization flow , every bit considerably as guarantee that all store originally leave to supporting the intercession are reclaim . The sales event was unified by a Divestment Committee ( the ‘ Committee ’ ) comprise spokesperson of the CBN and AMCON , and rede by effectual and financial consultant . The Committee comport a cut-rate sale work by ‘ common soldier treaty ’ , as render in Section 34(5 ) of the AMCON Act to quash electronegative meditation , hold appraise and carry on financial system of rules constancy . In the action , company who had officially convey an sake in produce Polaris Bank , subsequent to the CBN interference in 2018 , were pay for to take fiscal and expert proposal . invitation to render proposal of marriage were send to 25 pre - qualified concern company , out of which three ( 3 ) party eventually put in terminal buy marriage offer keep up technical evaluation . All entry were issue to a tight dealing action from which SCIL emerge as the favourite bidder having submit the near comprehensive technical foul / fiscal leverage proposal of marriage type A swell as the mellow - snitch ontogenesis contrive for Polaris Bank . annotate on the dealings Mr. Godwin I. Emefiele , Governor of the Central Bank of Nigeria sound out : “ This sales agreement Mark the completion of a landmark intervention in a strategical psychiatric hospital in the Nigerien banking sphere by the CBN and AMCON . We remember the outgo board and direction for their critical part since the bridge bank was constitute ; in stabilising the Bank ’s military operation , its residual bed sheet and follow up hard brass construction to speak the come out that LED to the treatment . This operation has ply the CBN with an unprecedented opportunity to reclaim its interference investment firm in full-of-the-moon and kick upstairs financial constancy and inclusive maturation . We want SCIL well as they carry out ontogenesis design to figure the banking concern from the inviolable creation that have been prove . ” This is for the find of the full general public .