The Central Bank of Nigeria (CBN) on Friday Sep 21, 2018, revoked the operating license of Skye Bank Plc with immediate effect.
The withdrawal of the license was announced was announced by the CBN Governor Godwin Emefile on Friday evening in Lagos.
Meanwhile, Polaris Bank has been established to assume ownership of the assets and liabilities of Skye Bank, while the management of the defunct bank was retained for its good performance.
Emefile said N786 billion has been injected into the bank with the Asset Management Corporation of Nigeria ordered to commence the sale process of the bank from Monday.
CBN said that customers deposits are safe despite the revocation of the licence.
The defunct Skye Bank has been on CBN’s lifeline since July 2016 and the apex bank says it can no longer continue to intervene to keep the balance liquid.