Polaris Bank takes over as CBN revokes Skye Bank’s licence


The Central Bank of Nigeria has withdrawn the operating licence of Skye Bank this was after due consultation with the Nigerian Deposit Insurance Corporation (NDIC) .

Umar Ibrahim, chairman of the Nigeria Deposit Insurance Corporation (NDIC), made this known to journalists today Friday September 21st.

The former Skye Bank will now be taken over by the Assets Management Corporations of Nigeria (AMCON) will now be known as Polaris Bank.

CBN Governor, Mr. Godwin Emefiele, on Friday, said the strategy 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.

“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,” tCBN governor, Godwin Emefiele explained.



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