CBN REVOKES SKYE BANK’S LICENCE

September 22, 2018

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By Joseph Omoniyi
The Central Bank of Nigeria, CBN has on Friday revoked the operating licence of Skye Bank Plc, following the inability of the owners of the bank to shore up the capital of the distressed bank which had earlier received a N350bn intervention in July 2016.
CBN Godwin Emefiele, who made this known at a press conference in Lagos, said the decision was for the Asset Management Company of Nigeria (AMCON) to capitalise the bridge bank and begin the process of sourcing investors to buy out AMCON.
He also revealed that a bridge bank known as Polaris Bank had been created to assume the assets and liabilities of the defunct bank.
“By this decision, the licence of the defunct Skye Bank is hereby revoked.
We wish to assure all depositors that under this arrangement, their deposits shall remain safe and that normal banking services shall continue in the new bank on Monday, 24th September, 2018, to enable customers to transact their businesses seamlessly.
“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.