Skye Bank: Polaris Bank takes over as CBN withdraws license

Skye Bank

Skye Bank

The Central Bank of Nigeria, CBN, has withdrawn the operating license of Skye Bank, assuring depositors that they wont lose their money.

Nzekwe, a former President, Association of National Accountants of Nigeria (ANAN), gave the advice in an interview on Sunday in Ota.

CBN governor and the Managing Director of the Nigeria Insurance Deposit Corporation, NDIC, Godwin Emefiele and Umar Ibrahim respectively, disclosed this on Friday at a media briefing in Lagos.

Emefiele stated that the result of the bank's examinations and forensic audit of the bank revealed that Skye bank required urgent recapitalisation as it can no longer continue to live on borrowed times with indefinite liquidity support from the CBN.

"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".

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"When people brought more funds into the financial sector, the banks would be able to perform their financial roles which would make the economy to develop, " he said. The shareholders of the bank have been unable to recapitalise it.

He said that Skye Bank would now be known as Polaris Bank, and AMCON would take over all the assets and liabilities of the defunct entity and commence the sale process from Monday.

On his part, the NDIC boss said the decision the decision was the outcome of CBN'S intervention in the distressed Skye Bank Plc, which started on July 4, 2016 and which was aimed at protecting depositors of the bank.

The new arrangement therefore means that the former shareholders of Skye Bank have lost their investment, while the prospective new investors would become new owners of Polaris Bank. In addition, he said, all employees of Skye Bank shall be absorbed by Polaris Bank under a new contract except any employee decides to opt out.

Following the merger, the bank opened three West African subsidiaries in Sierra Leone, Gambia and Guinea.

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