The Central Bank of Nigeria in conjunction with the Nigeria Deposit Insurance Corporation (NDIC) has injected N786bn into the Polaris Bank, (The defunct Skye Bank).
Recall that following the withdrawal of the operating licence of Skye Bank Plc, the Central Bank of Nigeria (CBN), established Polaris Bank, a bridge bank to assume the ownership of the assets, all deposit liabilities and some other liabilities of Skye Bank.
CBN Governor, Mr. Godwin Emefiele, who disclosed this on Friday, said the strategy was for the Asset Management Company of Nigeria (AMCON) to capitalise the bridge bank and begin the process of sourcing investors to buy out AMCON.
“By this decision, the licence of the defunct Skye Bank is hereby revoked.
We wish to assure all depositors that under this arrangement, their deposits shall remain safe and that normal banking services shall continue in the new bank on Monday, 24th September, 2018, to enable customers to transact their businesses seamlessly.
“Thus, all customers of Skye Bank shall be automatic customers of the new bank and their accounts and records duly purchased by Polaris Bank,” Emefiele explained.
The CBN chief further noted that 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.