The Central Bank of Nigeria is proceeding secretly but firmly to sell Polaris Bank Ltd to an obscure businessman for roughly N40 billion, according to multiple sources familiar with the ongoing talks. The transaction, if it goes through, would amount to a paltry three percent of up to N1.2 trillion taxpayers’ funds poured into the lending house since its 2018 nationalisation.
CBN Governor, Godwin Emefiele, has already received a presidential approval to advance the sale, with public disclosure due any time soon unless backdoor objections grow stronger.
