“The entity in question, Fairview Acquisition Partners, had indicated an interest in acquiring two banks, including Polaris Bank, for a total sum of N1.2tn, an indicative offer which significantly discounted the existing N1.31tn debt owed by Polaris Bank to AMCON and so represented a material loss to the Federal Government. “Notwithstanding, along with 24 other parties, Fairview Acquisition Partners was invited by the financial advisors to participate in the sale process via the execution of a non-disclosure agreement, the first stage of the process.” He added that the financial advisors informed the committee that Fairview Acquisition Partners neither executed nor returned the NDA despite verbally confirming receipt of the agreement and after follow-up from the financial advisors. ‘Therefore, Fairview Acquisition Partners did not take the opportunity to update their offer by participating in the divestment process and thus did not make a binding purchase offer for Polaris Bank,” he said. According to him, the divestment was executed based on the relevant laws, global best practices for bank resolutions, and requisite regulatory approvals. He said the committee, along with its legal and financial advisers, conducted a rigorous technical and financial evaluation of the purchase proposals, assessing promoters’ fitness and propriety, offer price received vs. reserve price, funding structure and financial capacity, strategy and growth plans, among others.