Skye Bank: Polaris Bank takes over as CBN withdraws license

Business NewsCompaniesEditors Pick      See what Nigerians are saying about the new Polaris Bank                   By Fikayo Owoeye

Business NewsCompaniesEditors Pick See what Nigerians are saying about the new Polaris Bank By Fikayo Owoeye

The Central Bank of Nigeria, CBN, has withdrawn the operating license of Skye Bank, assuring depositors that they wont lose their money.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

More news: Roger Federer, Novak Djokovic to play doubles as partners at Laver Cup
More news: Uber is looking to buy Deliveroo
More news: Spiders are 'having a party' in this terrifying 1,000-foot web

"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.

Recommended News

  • Volunteer ‘Cat Napper’: 75-Year-Old Man Naps With Shelter Cats

    Save Haven's founder, Elizabeth Feldhausen, says that Lauerman "just walked in" one day, with a cat brush and an intention. The post has been shared 16,000 times on Facebook since, and people are talking about it all over the internet.
    The Heat: U.S. sanctions China military Pt1

    The Heat: U.S. sanctions China military Pt1

    The Chinese military urged the United States to correct its mistake and withdraw sanctions, or bear the consequences, Wu said. China has also cancelled trade talks which had been scheduled to take place this week in Washington.
    Australia emu video investigated for 'horrific cruelty'

    Australia emu video investigated for 'horrific cruelty'

    Under South Australian law, people convicted of animal cruelty can face up to four years in jail and a fine of A$50,000 (£27,000; $36,000).
  • Donald Trump to chair UN Security Council meeting on Iran next week

    Donald Trump to chair UN Security Council meeting on Iran next week

    Trump withdrew from the agreement in May and has begun an economic pressure campaign to drive Iran to the negotiating table again. It raises the prospect of an encounter, chance or otherwise, between Trump and Rouhani.

    Labour 'could win 1.5m more votes' by backing Brexit referendum

    Citing a member of her inner circle, the newspaper also said that May was planning to step down from her role next summer. But, he said, if Labour's conference "make a decision, I will not walk away from it and I will act accordingly".
    People Can't Believe These Taped-Up, Dirty-Looking Sneakers Cost $530

    People Can't Believe These Taped-Up, Dirty-Looking Sneakers Cost $530

    The brand has defended their sneakers by saying the shoes "pay homage to the West Coast's skater culture". Nordstrom's website was cited repeatedly by users, although the shoes are also available on other sites.
  • Drum lines installed at Cid Harbour as shark victim flown to Brisbane

    Drum lines installed at Cid Harbour as shark victim flown to Brisbane

    The girl, believed to be on holiday from New Zealand, was with her sister and father when the shark struck about 1.45pm. A press release from the rescue helicopter said the team on board described the girl's injury as "absolutely horrific".
    San Antonians react to first debate between Cruz, O'Rourke

    San Antonians react to first debate between Cruz, O'Rourke

    The internet Likes may be with O'Rourke, but in terms of policy points, Cruz scored decidedly more cheers from the campus crowd. Though he may not knock off Cruz, the argument goes, a close loss could only further boost his national profile.
    LatestNews - Toll from hurricane Florence reaches 31 in US

    LatestNews - Toll from hurricane Florence reaches 31 in US

    At another gas station, a long line of vehicles followed a tanker truck that pulled in with 8,800 gallons (33,000 liters) of fuel. Downgraded from a tropical depression, the deadly storm still had abundant rain and top winds around 25 miles per hour (40 kph).
  • EC Issues Special Weather Statement With Damaging Wind Gusts Possible Friday

    EC Issues Special Weather Statement With Damaging Wind Gusts Possible Friday

    The line of storms are likely to be followed by strong northwest wind gusts of up to 60 to 70 km/h this evening. Slightly weaker northwest winds gusting to 70 km/h are also expected this evening after the cold front passes.
    Wilfried Zaha on Manchester United 'hell' and rumours about David Moyes' daughter

    Wilfried Zaha on Manchester United 'hell' and rumours about David Moyes' daughter

    Wilfried Zaha this week spoke up about being unfairly targeted by opponents who had been looking to nullify Palace's star man by attempting to injure him – without getting punished.
    Wolves guard Jimmy Butler wants to be traded

    Wolves guard Jimmy Butler wants to be traded

    We'd heard outrageous rumors about Karl-Anthony Towns' girlfriend's supposed infidelity with Butler, and chose to ignore them. ESPN ran a statement from Towns that read: "On June 25, 2015, I was drafted to and committed to the Minnesota Timberwolves ".

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.