CBN withdraws Skye Bank’s licence, Polaris takes over

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The sledge hammer of the Central Bank of Nigeria (CBN) has fallen on Skye Bank plc, as the apex bank withdrew its operating license today.

The CBN Governor, Godwin Emefile announced the withdrawal of the said banks’s licence on Friday evening in Lagos and assured depositors that their funds remain safe.

Polaris Bank has therefore been established to assume ownership of the assets and liabilities of Skye Bank.

The Nigeria Deposit Insurance Corporation has injected N786bn in the new bank.

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.

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