CBN Withdraws Skye Bank’s License, Polaris Bank Takes Ownership

The Central Bank of Nigeria (CBN) has declared the withdrawal of the operational license of Skye Bank.

Godwin Emefile, the governor of the country’s Apex bank made this known on Friday evening in Lagos, while assuring that depositors funds remain safe.

The governor announced Polaris bank as the new principal of the assets and liabilities of Skye Bank.

About  N786bn has been injected by the Nigeria Deposit Insurance Corporation into the bank.

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

The Nation understands that the management of the defunct bank was however retained for its good performance.