The Assets Management Corporation of Nigeria, AMCON, has revealed that it would begin the process for the sale of Polaris Bank after the February general elections.
According to AMCON spokesman, Jude Nwauzor, the February elections are slowing the process. He made this known while speaking with Reuters on Tuesday.
“The election season has slowed down things. We would advertise for expressions of interest from investors after elections and commence the sale process.”
However, following fears expressed by some Nigerian customers of the bank, Polaris Bank has assured the customers of the safety of their savings in the bank.
According to a statement it made on its twitter handle, Polaris bank said, “We would like to use this opportunity to assure our valued customers of the safety of their funds. Polaris Bank is financially stable and capable of meeting our obligations anytime.
We would like to use this opportunity to assure our valued customers of the safety of their funds. Polaris Bank is financially stable and capable of meeting our obligations anytime. https://t.co/TGtTpZJWI1
— Polaris Bank Ltd. (@PolarisBankLtd) 23 January 2019
This was in response to many twitter users who had taken to the micro-blogging site to express fears over their funds in the bank.
Below is a collection of some tweets over the development.
OLA @larbenchy, @larbenchy: “Polaris bank is put up for sale. Y’all better go withdraw your money before the bank fold up finally !!!”
pesinpikin @ayoola_oyerinde: “Now that banks are just doing anyhow better go and withdraw your money from Polaris bank before the money starts turningoneown”
CHIDUBEM JOSEPH NJOKU @ChidubemNJ”Just weeks after the sale of Sky Bank and, now, Polaris Bank to be put up for sale after the general elections. I’ll not be surprised to wake one morning and hear that Nigeria has been put up for sale.”
DADDY THE BOY @DaddyTheBoy: “When did they buy Skye Bank? Now they want to sell Polaris Bank Wakanda of country is this”
E-zrael Ani @EzraelAni “If I start saving the money I spend on data subscription, I will have enough money to buy Polaris Bank after election”
CHIDUBEM JOSEPH NJOKU @ChidubemNJ “Government took over Polaris Bank and just four months after, they’re putting it up for sale for the same reason they took it over? Apparently, the only thing the Nigerian government can maintain properly in this country is a rock. A very very useless rock in Aso.”