CBN Takes Over Skye Bank, Revokes It's License To Operate, Orders Immediate Shut Down

Governor of Central Bank, Godwin Emefiele, disclosed this during a press briefing in Lagos on Friday.

He said that Skye Bank would now be taken over by Polaris Bank, which would take over all the assets and liabilities of the defunct entity.

The revocation of Skye bank 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.

Meanwhile, the share price of Skye bank on Friday gained 4.05 percent at 77 kobo.

The stock is expected to be placed on suspension from Monday in accordance with bridge bank procedures.