Polaris Bank takes over Skye Bank
Polaris Bank has taken over the assets and liabilities of Skye Bank, the Central Bank of Nigeria said today.
Consequently, the CBN has revoked the operating licence of Skye Bank Plc with immediate effect.
Governor of Central Bank, Godwin Emefiele, disclosed this during a press briefing in Lagos on Friday. Emefiele said the decision was reached following the inability of the owners of the bank to shore up the capital of the distressed bank which had earlier received a N350 billion intervention in July 2016.
Polaris is a bridge bank set up in concert with NDIC and AMCON and the unveiling was a guarded secret until Emefiele’s announcement in Lagos today. According to Emefiele, the bridge bank, Polaris Bank will be getting a single digit interest long term facility of N786 billion from the Assets Management Corporation of Nigeria (AMCON).
The winding up of the bank came five months after the CBN renewed the mandate of the board of the for an additional two years. Emefiele passed a confidence vote on the board and said it shall continue to run the bank.
The bank’s board comprises Mr Muhammad Ahmad and Mr Tokunbo Abiru, Chairman and Group Managing Director respectively.