CBN Injects 786BN into Troubled Skye Bank, Changes Name to Polaris Bank

A new Bank, Polaris Bank has been licensed to assume ownership of the assets, all deposit liabilities and some other liabilities of Skye Bank.  

The CBN Governor, Godwin Emefiele announced that it has withdrawn the operating license of Skye Bank Plc. The decision was taken on Friday evening in Lagos wherein he noted that depositors’ funds remain safe.

The existing Board, Management and Staff of the defunct Skye Bank has been retained for its good performance whilst the CBN also assures depositors and customers of the safety of their funds.

The Nigeria Deposit Insurance Corporation has also injected N786bn into the new bank.