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Lagos, NG
6th August 2020
LOCAL NEWS

PHOTO: CBN takes over Sky Bank, renames it Polaris Bank

CBN takes over Sky Bank, renames it Polaris Bank
CBN takes over Sky Bank, renames it Polaris Bank

Sky Bank licence has been revoked by the Central Bank of Nigeria (CBN) as the Governor of CBN Mr Godwin Emefiele making this known in a press briefing a few hours ago in Lagos, said the Nigeria Insurance Deposit Corporation (NDIC) will commence process of liquidation but the Bank will continue to operate under a new name Polaris Bank

The CBN Governor Mr. Godwin Emefiele said the move was necessitated due to the inability of shareholders of Sky Bank to recapitalized the Bank and have been operating under continued loan and debt.

He said while the bank is being liquidated under a new name, Stakeholders with investment in the bank have lost their investment, but the customers of the bank can be rest assured that their monies are safe, as the bank will continue operation under the name Polaris Bank.

 

He further said that an injection of N786 billion has been made into the bank with the Asset Management Corporation of Nigeria (AMCON) being directed to commence the sale process of the bank from Monday.

The revocation of Skye Bank’s operating licence follows the Central bank’s decision to pause its injection of funds processes in the lender.

The regulators maintain that customers deposits safe as management and members of staff will be retained under the new ownership structure.

Mr. Godwin Emefiele while CBN have had Sky Bank renamed into Polaris Bank and  N786bn  already been injected into Sky Bank, AMCON will proceed to look for buyer to prepare it for sale.

This new development to industry watches will not come as a surprise given previous efforts by CBN to stabilize the bank, and even with this efforts, the Governing body of banks in Nigeria has gone ahead to liquidate the bank owing to the huge debt and inability of the bank stakeholders to keep the bank afloat.

 

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