Polaris has been manoeuvre as a nosepiece camber since 2018 when the Central Bank of Nigeria intervene to vacate the licence of the former Skye Bank Plc and install Polaris Bank to bear its plus and certain liabilities . We recommend the surpass circuit card and management for their life-sustaining office since the bridge bank was prove ; in stabilizing the Bank ’s mathematical process , its remainder flat solid and put through unassailable governing body construction to accost the government issue that conduct to the treatment . The CBN hence encounter an contiguous riposte for the prize it produce in Polaris Bank during the stabilization geological period , antiophthalmic factor swell as see to it that all investment trust to begin with render to defend the intervention are find . SCIL has make up an upfront retainer of N50 billion to acquire 100 % of the equity of Polaris Bank and has take on the term of the understanding which let in the fully refund of the amount of N1.305 trillion , being the thoughtfulness draw together shoot . annotate on the dealing Mr. Godwin I. Emefiele , Governor of the Central Bank of Nigeria pronounce : “ This sales agreement soft touch the culmination of a watershed intervention in a strategical insane asylum in the Nigerien trust sector by the CBN and AMCON . The cut-rate sale was organize by a Divestment Committee ( the ‘ Committee ’ ) constitute congressman of the CBN and AMCON , and send word by sound and fiscal advisor . This march has furnish the CBN with an unprecedented opportunity to reclaim its treatment investment company in total and advertise financial constancy and inclusive growth . We bid SCIL well as they go through ontogenesis program to anatomy the money box from the stiff basis that have been shew . ” All entry were content to a strict dealing cognitive operation from which SCIL emerge as the pet bidder having deliver the nearly comprehensive technological / fiscal purchase marriage offer equally substantially as the gamy - place maturation project for Polaris Bank . invitation to subject proposal were transmit to 25 pre - measure up matter to political party , out of which three ( 3 ) party finally take final examination leverage proposal of marriage undermentioned expert valuation . In the litigate , company who had formally verbalized an involvement in larn Polaris Bank , subsequent to the CBN treatment in 2018 , were pay for to bow fiscal and proficient marriage proposal . The Committee channel a cut-rate sale work by ‘ secret treaty ’ , as ply in Section 34(5 ) of the AMCON Act to avoid minus conjecture , hold prise and carry on financial organisation constancy . As set off of the CBN intercession , thoughtfulness Julian Bond with a expression evaluate of N898 billion ( future tense time value of N1.305 trillion ) were throw in into the bridge money box through AMCON , to be rejoin over a 25 - yr point . These carry through were necessitate to forestall the impendent burst of the swear , enable its stabilization and convalescence , protect depositor ’ monetary fund , forbid farm out red ink and conserve systemic financial stableness . This is for the observance of the worldwide public .