Home Latest Skye Bank Licence Revoked Polaris Bank Takes Over

Skye Bank Licence Revoked Polaris Bank Takes Over


Customers of Skye Bank are plunged into such uncertainty at the moment, as Skye Bank Licence was revoked by CBN.

The cancellation of Skye Bank’s operating licence was made known by the Governor of the Central Bank of Nigeria, Godwin Emefiele. The CBN Governor made this known at a press briefing in Lagos on Friday, 22nd September 2018.

According to him, Skye Bank will be taken over by Polaris Bank. Polaris Bank has been established to assume ownership of the assets and liabilities of Skye Bank.

However, he reassured existing customers that their funds will be safe. All customers of Skye Bank will be absorbed by Polaris Bank.

Emefiele also said that given the outstanding performance of the board and management, CBN will retain them.

The decision to revoke the license of Skye Bank is as a result of its inability to meet minimum financial targets.

Furthermore, the defunct Skye Bank has been on CBN’s lifeline since July 2016. Thus the apex bank says it can no longer continue to intervene to keep the balance liquid.

The Nigeria Deposit Insurance Corporation has injected N786bn in the new bank.

Customers are to remain calm at Skye Bank Licence revoke.

See CBN press release below.




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