Since the Central Bank of Nigeria and AMCON announced that Polaris Bank Limited has been sold to Strategic Capital Investment Limited (SCIL), Nigerians have had a lot to say.
People have asked many questions regarding the acquisition, including how the new owners plan to repay the N1.3 trillion consideration bonds which the CBN previously injected into the bank. Part of the deal is that SCIL will repay the bonds.
An earlier article by Nairametrics examined what some of the bank’s shareholders and industry stakeholders think about the sale. And now, this article looks at what ordinary Nigerians are saying on social media.
What they are saying
Twitter user Dami Adenuga said: “Polaris Bank has been sold for N50 billion, 4 years after the Federal Government took over Skye Bank and injected N1trn to save the Bank. Now, the new owners have 25 years to repay the Government N1.3trn.”
Polaris Bank has been sold for N50 billion, 4 years after the Federal Government took over Skye Bank & injected N1trn to save the Bank. Now, the new owners have 25 years to repay the Government N1.3trn.
— Dami’ Adenuga (@DAMIADENUGA) October 21, 2022
Another Twitter user identified by his handle @vickelokorie tweeted: “First, It was Etisalat, finally, they have sold Polaris Bank to themselves. The truth about many transactions that took place under this administration will surface at the expiration of its tenure.”
First, It was Etisalat , finally, they have sold Polaris Bank to themselves. The truth about many transactions that took place under this administration will surface at the expiration of its tenure. pic.twitter.com/cw9si5HUsL pic.twitter.com/CNTertFAMj
— Victor le Sage© (@vickelokorie) October 21, 2022
This user said: “CBN rescues Polaris bank with N1.2 trillion of taxpayer’s money, and then turns around and sell for N50 billion. Yeah, N1.15 trillion was for the boys. This was one of the reasons I said the bank bailouts SLS did was one of the worst economic gaffes Nigeria ever experienced.”
CBN rescues Polaris bank with N1.2 trillion of taxpayer’s money, and then turns around and sell for N50 billion.
Yeah, N1.15 trillion was for the boys. This was one of the reasons I said the bank bailouts SLS did was one of the worst economic gaffes Nigeria ever experienced.
— The Crypto Warrior (@knightofdelta) October 20, 2022
Similarly, the subject matter elicited reactions from people on other online forums. A user on a popular Nigerian chatroom identified as Seunmsg had this to say:
- “Who are the owners of SCIL? How long would it take SCIL to repay the N1.305 trillion injected into the bank? In all of these, I pity the small shareholders of the old Skye Bank. All their investments have been completely wiped out with this 100% transfer of ownership to SCIL. If you’re not among the big shareholders that can appoint directors to the board of the bank, don’t waste your money buying the shares of a bank. When shit like this happens, you’re going to lose every single kobo you invested in the bank.”
Another user on the same chatroom identified as Chris4gold said:
- “Actually, trace the trail from Afribank (or IBWA) to Mainstreet, to Skye before Polaris. Pay your liabilities (gratuities) that are owed to former Afribank staff! The people who plundered those funds are still alive, protracted court proceedings will only delay the inevitable. Pay them their money!!!”
The Backstory
Nairametrics reported earlier today that all of Polaris Bank’s shares have been acquired by Strategic Capital Investment Limited (SCIL). The CBN confirmed this in a press release on its website on Thursday, October 20, 2022. The apex bank said SCIL paid an upfront transaction fee of N50 billion.
Nigeria investment environment is full of deceit and traps, shine your eye my people. This same Polaris Bank will soon package themselves and come to the market to deceive people to subscribe to their shares to enable them pay CBN, I lost everything in Skye Bank, once beating twice shy, never on Polaris again. Smaller investors are not protected in Nigeria let the truth be told, the big investors, directors etc. have made their money by plundering the Skye Bank. Secret sales of Polaris was full of curruptions, time will tell when all these secrets will be exposed, this is rubbing Peter to Pay Paul.