The Central Bank of Nigeria, CBN, has revoked the operating licence of Skye Bank and renamed it Polaris Bank, assuring depositors that they won’t lose their money.
The revocation of Skye Bank’s operating licence follows the Central bank’s decision to pause its injection of funds processes in the lender.
CBN governor, Godwin Emefiele and the Managing Director of the Nigeria Insurance Deposit Corporation, NDIC, Umar Ibrahim respectively, stated this on Friday at a media briefing in Lagos.
Mr Emefiele said the apex bank injected N786 billion into the bank, directing the Asset Management Corporation of Nigeria, AMCON, to commence the sale process of the bank from Monday.
The regulators maintain that customers deposits safe as management and members of staff will be retained under the new ownership structure.
Meanwhile, the share price of Skye Bank on Friday gained 4.05 percent at 77 kobo, according to a Channels TV report.
The stock is expected to be placed on suspension from Monday in accordance with bridge bank procedures.
