SCIL ACQUIRES POLARIS BANK.

Strategic Capital Investment Limited (SCIL) has completed the acquisition of Polaris Bank Limited on an upfront payment of N50 billion to acquire 100 per cent of its equity. The bank also agreed to repay N1.305 trillion injected into it by the Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON). Polaris has operated as a bridge bank since 2018 when the apex bank revoked the licence of the defunct Skye Bank Plc and set up Polaris to take over its assets and liabilities.