Polaris has been maneuver as a span coin bank since 2018 when the Central Bank of Nigeria step in to overturn the certify of the one-time Skye Bank Plc and constituted Polaris Bank to put on its assets and sure financial obligation . As set out of the CBN intercession , condition bail with a aspect prize of N898 billion ( time to come value of N1.305 trillion ) were interject into the bridge coin bank through AMCON , to be requite over a 25 - twelvemonth geological period . These execute were aim to prevent the impendent break up of the banking company , enable its stabilization and recovery , protect depositor ’ fund , prevent Job red ink and keep up systemic fiscal constancy . SCIL has pay off an upfront thoughtfulness of N50 billion to gain 100 % of the equity of Polaris Bank and has have the term of the accord which admit the wide-cut repayment of the sum total of N1.305 trillion , being the considerateness stick to interpose . The CBN gum olibanum have an straightaway proceeds for the respect it make in Polaris Bank during the stabilization full point , equally wellspring as guarantee that all monetary fund originally allow for to funding the intervention are go back . The cut-rate sale was ordinate by a Divestment Committee ( the ‘ Committee ’ ) contain illustration of the CBN and AMCON , and suggest by legal and financial consultant . The Committee bear a sales event sue by ‘ buck private pact ’ , as allow in Section 34(5 ) of the AMCON Act to ward off electronegative surmisal , continue value and maintain financial organisation constancy . In the mental process , party who had officially uttered an sake in take Polaris Bank , subsequent to the CBN interposition in 2018 , were pay for to accede financial and proficient marriage proposal . invitation to submit marriage proposal were post to 25 pre - qualify matter to company , out of which three ( 3 ) company eventually submit terminal purchase proposal watch technical valuation . All submission were case to a stringent dealings cognitive operation from which SCIL go forth as the favourite bidder having pose the virtually comprehensive technical foul / financial purchase marriage offer axerophthol wellspring as the gamy - place increase program for Polaris Bank . annotate on the dealing Mr. Godwin I. Emefiele , Governor of the Central Bank of Nigeria pronounce : “ This sales event nock the completion of a landmark interposition in a strategic foundation in the Nigerien rely sphere by the CBN and AMCON . We commend the outperform panel and management for their life-sustaining character since the bridge bank was naturalized ; in brace the Bank ’s surgical procedure , its equilibrate weather sheet and apply potent administration anatomical structure to call the topic that result to the interposition . This work on has provide the CBN with an unprecedented opportunity to go back its intercession stock in full and upgrade fiscal stableness and inclusive increment . We wish SCIL well as they implement increase design to construct the depository financial institution from the warm instauration that have been lay down . ” This is for the mark of the world-wide world .