Defunct Nigerian Bank, popularly known as Skye Bank that was sold to the Asset
Management Corporation of Nigeria (AMCON) is now on auction as the AMCON management declared that it would sell off Polaris Bank after the 2019 general elections in the country.
Jude Nwauzor, AMCON's spokesman explained that election activities have slowed down lot of things, "The election season has slowed down things. We would advertise for expressions of interest from investors after elections and commence the sale process,” he said.
Polaris Bank was set up as a bridge bank to take over the assets of Skye Bank, which collapsed and had its operating licence revoked by the Central Bank of Nigeria
Nwauzor said the corporation is already working on recovering the non-performing loans owed to Polaris and that AMCON has asked for repayment proposals.