“Arsenal don finally collect Man U player. Na Man U behind the scene man sell…”

Barely a day after the Central Bank of Nigeria announced the sale of Polaris Bank to  Strategic Capital Investment Limited, netizens have weighed in with mixed reactions.

Four years after the government took control of the troubled Skye Bank, rebranded it, and then injected over N1 trillion of public monies to recapitalize the bank, the CBN announced the sale of Polaris Bank to SCIL.

The lender chose Strategic Capital Investment Limited as its preferred bidder, the CBN announced in a statement late Thursday. The Asset Management Corporation of Nigeria (AMCON), the government’s bad debt buyer, which acquired Skye Bank after the CBN revoked its license in 2018 before establishing Polaris as a bridge bank, and the decision to sell was made jointly.

The new owner, SCIL, paid N50 billion and has agreed to refund N1.3 trillion injected into the bank, CBN said.

This news, however,  has generated loads of comments from social media tweeps, with some listed below:

@Edosa2000 wrote: “It’s worth whatever was agreed to pay for all equity which here is N50bn. The N1.3tr was a 25yr loan given by CBN/AMCON to stabilize the bank in 2018 and the new buyer is merely agreeing to keep repaying that loan. Lol some banks on NGX are even less then N50bn market cap.”

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Another Twitter user @just_ognatty1 trying to explain the contract bidding in football terms wrote: “Arsenal don finally collect Man U Academy player. Na Man U behind the scene men sell am to Arsenal. The wahala naaa say Man U fans no understand how the club go sell 800m sterling pounds player to Arsenal and naaa only 200k pounds dem pay, say dem go pay finish before e d!e.”

@SegunAndrews wrote: “Nigeria has sold a 100% stake in Polaris Bank to Strategic Capital Investment Limited, a company registered barely 6 months ago. Only N50bn upfront payment was made for the bridge bank worth N1.3trn.”

@C_CDon wrote: Are they saying the market valuation of Polaris is 1.3trn? Or they have so far spent that amount for capex/opex since the intervention? We know most valuable banks in Nigeria and what their market caps are, not to talk of this one with jedi jedi.