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UPDATED: CBN Withdraws Skye Bank’s License, Polarise Bank Takes Over

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CBN Withraws Skye Bank Operational License

Reports have just emerged that the Central Bank of Nigeria has withdrawn the operating license of Skye Bank.

According to TheCable, the Apex bank has revoked the license of the Skyebank to operate and report was made known to journalists by Umar Ibrahim, chairman of the Nigeria Deposit Insurance Corporation (NDIC) on Friday, September 21, 2018.

Following the withdrawal of the operating license of Skye Bank Plc, the Central Bank of Nigeria (CBN), in consultation with the Nigerian Deposit Insurance Corporation (NDIC), has established a bridge bank known as Polaris Bank, to assume the assets and liabilities of the defunct bank.

CBN Governor, Mr. Godwin Emefiele, who disclosed this 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.

He said:

“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,”

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