CBN Takes Over Skye Bank, Renames It Polaris Bank

The Central Bank of Nigeria (CBN) has taken over the management of Skye Bank.

The apex bank, in a statement on Friday, also withdrew the operating licence of the Bank.

CBN governor Godwin Emefiele, said the development followed consultation with the Nigerian Deposit Insurance Corporation (NDIC).

Emefiele said the apex Bank resolved to establish a bridge bank, Polaris Bank, to assume the assets and liabilities of Skye bank.

Mr Emefiele added that the strategy is for the Asset Management Company of Nigeria (AMCON) to capitalize the bridge bank and begin the process of sourcing investors to buy out AMCON.

“By this decision, the licence of the defunct Skye Bank is hereby revoked,” he said, adding that “all customers of Skye Bank shall be automatic customers of the new bank and their accounts and records duly purchased by Polaris Bank,” Emefiele said.

Emefiele explained further that the CBN shall retain the board and management of the bank, adding that all employees of Skye Bank shall be absorbed by Polaris Bank under a new contract except any employee decides to leave.