The Central Bank of Nigeria has said 25 firms were invited to participate in the sale process of Polaris Bank Limited via the execution of a non-disclosure agreement.
“The entity in question, Fairview Acquisition Partners, had indicated an interest in acquiring two banks, including Polaris Bank, for a total sum of N1.2tn, an indicative offer which significantly discounted the existing N1.31tn debt owed by Polaris Bank to AMCON and so represented a material loss to the Federal Government.
He added that the financial advisors informed the committee that Fairview Acquisition Partners neither executed nor returned the NDA despite verbally confirming receipt of the agreement and after follow-up from the financial advisors.
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