CBN Withdraws Skye Bank’s Licence, Appoints Polaris Bank As Successor

The Central Bank of Nigeria (CBN) has withdrawn the operating licence of Skye Bank.
By this action, the licence of the defunct Skye Bank is hereby revoked.
Sequel to the withdrawal of the operating licence of Skye Bank Plc, the Central Bank of Nigeria (CBN), in consultation with the Nigerian Deposit Insurance Corporation (NDIC), has established Polaris Bank as a bridge bank, to assume the assets and liabilities of the defunct bank.
CBN Governor, Godwin Emefile, announced these decisions on Friday in Lagos, assuring that depositors funds remain safe. He added that Polaris Bank has been established to assume ownership of the assets and liabilities of Skye Bank.
The Nigeria Deposit Insurance Corporation has injected N786bn into Polaris Bank, and the Asset Management Company of Nigeria (AMCON) is expected to capitalise the bridge bank and begin the process of sourcing investors to buy out AMCON
CBN assures depositors that under this arrangement, their deposits shall remain safe and that normal banking services shall continue in the new bank on Monday, September 24, 2018, to enable customers to transact their businesses seamlessly.
“Thus, all customers of Skye Bank shall be automatic customers of the new bank and their accounts and records duly purchased by Polaris Bank,” Emefiele explained.
The management of the defunct bank was, however, retained for its good performance.
The defunct Skye Bank has been on CBN’s lifeline since July 2016 and the apex bank says it can no longer continue to intervene to keep the balance liquid.