BREAKING:Polaris Bank Takes Over Sky Bank.

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

The Central Bank of Nigeria has withdrawn the operating license of Skye Bank.

Following the withdrawal of the operating licence 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.

Also, Umar Ibrahim, chairman of the Nigeria Deposit Insurance Corporation (NDIC), made this known to journalists on Friday.

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