CBN, NDIC Revoke Skye Bank’s Licence, Changes Name To Polaris Bank

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The Central Bank of Nigeria (CBN) has revoked the licence of Skye Bank transferring the liabilities, assets and management of the distressed bank to a newly licenced entity, Polaris Bank. With the takeover of the bank by the CBN and the Nigeria Deposit Insurance Corporation (NDIC) the bridge bank, Polaris Bank will be getting a single digit interest long term facility of N786 billion from the Assets Management Corporation of Nigeria (AMCON). Speaking at a press conference to announce the revocation of Skye Bank’s licence, the Governor of the CBN, Godwin Emefiele said the decision had been reached following the inability of the owners of the bank to shore up the capital of the distressed bank which had earlier received a N350 billion intervention in July 2016.

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