CBN Revokes Skye Bank’s Licence, Polaris Bank Takes Over

The Central Bank of Nigeria has revoked the operating license of Skye Bank Plc with immediate effect.

Governor of Central Bank, Godwin Emefiele, disclosed this during a press briefing in Lagos on Friday.

He said that Skye Bank would now be taken over by Polaris Bank, which would take over all the assets and liabilities of the defunct entity. In this arrangement all customers of Skye Bank shall be automatic customers of the new bank as their accounts and records duly purchased by Polaris Bank.


CBN Governor, Mr. Godwin Emefiele, who disclosed this on Friday, said the strategy was for the Asset Management Company of Nigeria (AMCON) to capitalize the bridge bank and begin the process of sourcing investors to buy out AMCON.


Emefiele said, "By this decision, the license of the defunct Skye Bank is hereby revoked.


He assured depositors of safety of their monies, saying normal banking services will continue in the new bank on Monday, 24th September, 2018, to enable customers to transact their businesses seamlessly.

Posted in Business News

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