Sky Bank licence has been revoked by the Central Bank of Nigeria (CBN) as the Governor of CBN Mr Godwin Emefiele making this known in a press briefing a few hours ago in Lagos, said the Nigeria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 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.