The Central Bank of Nigeria (CBN) has revoked the operating licence of Skye Bank.
The CBN Governor, Godwin Emefiele and the Chairman of the Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim, made this known in a press conference today in Lagos.
According to the apex bank chief, the assets and liabilities of the defunct bank would be taken over by a new licensee, Polaris Bank, which would serve as a “bridge bank”.
Umaru said, “Consequently, Polaris Bank Limited has been issued operating licence by the CBN and shall commence banking business from today, Friday, 21st September.
“The operating license of Skye Bank has been revoked by the governor of the Central Bank and the NDIC has commenced its liquidation. The capitalisation of Polaris Bank Limited is being done by the Assets Management Corporation of Nigeria (AMCON) through the injection of about N786 billion to return the bank to soundness and profitability so as to enable its subsequent sale to credible and financially sound third-party acquirers.”
Emefiele said, “The result of our examinations and forensic audit of the bank revealed that the Skye Bank requires urgent recapitalisation as it can no longer continue to live on borrowed times with indefinite liquidity support from the CBN.
“We wish to assure all depositors that under this arrangement, their deposits shall remain safe and that normal banking services shall continue in the new bank on Monday, 24th September 2018, to ensure customers to transact their businesses seamlessly.”
He said that Skye Bank shares has been temporarily suspended on the floor of the Nigerian Stock Exchange (NSE).
Also, Polaris Bank will from Monday, September 24, commence operations in all Skye Bank branches nationwide.