Just in: CBN revokes Skye Bank’s operating licence | Megafetch

The Central Bank of Nigeria (CBN) has revoked the licence of Skye Bank Nigeria Plc.
CBN Governor, Godwin Emefiele and the Managing Director of the Nigeria Insurance Deposit Corporation (NDIC), Umar Ibrahim  revealed this to journalists on Friday. 
It was gathered that the apex bank assured 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 normal. 

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He also announced the change in the name of Skye Bank to Polaris Bank which takes over the bank. It an injection of N786 billion has been made into the bank with the Asset Management Corporation of Nigeria (AMCON) has been directed to commence the sale process of the bank from Monday.
The revocation of Skye Bank’s operating licence follows the Central bank’s decision to pause its injection of funds processes in the lender. The regulators also maintain that customers deposits safe as management and members of staff will be retained under the new ownership structure.
LeaderNg recorded that, the share price of Skye Bank on Friday gained 4.05 percent at 77 kobo. The stock is expected to be placed on suspension from Monday in accordance with bridge bank procedures.

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