CBN Closes Skye Bank, Changes Name To Polaris Bank

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The Central Bank of Nigeria (CBN) on Friday, September 21, withdrew the operating license of Skye Bank.

The chairman of the Nigeria Deposit Insurance Corporation (NDIC), Umar Ibrahim, stated this when he spoke with pressmen today.

The CBN Governor, Godwin Emefiele, also confirmed the development at a media briefing in Lagos.

He also announced the change in the name of Skye Bank to Polaris Bank which takes over the bank.

He said an injection of N786 billion has been made into the bank while the Asset Management Corporation of Nigeria (AMCON) has been directed to commence the sale process of the bank from Monday.

The revocation of Skye Bank’s operating licence follows the Central bank’s decision to pause its injection of funds processes in the lender.

The regulators maintain that customers deposits safe as management and members of staff will be retained under the new ownership structure.

Meanwhile, the share price of Skye Bank on Friday gained 4.05 percent at 77 kobo.

The stock is expected to be placed on suspension from Monday in accordance with bridge bank procedures.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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