Business

Polaris bank takes over Skye bank

181

The Central bank on Friday revoked the license of Skye bank.  A bridge bank called Polaris will now takeover, Per Second News gathered.

More than two years after the Central Bank of Nigeria has been the lifeline for Skye Bank, the regulatory body on Friday withdrew the operating license of money deposit bank.

Polaris effectively takes over and assumes ownership of assets and liabilities of the defunct Skye.

Godwin Emefile, the CBN governor told journalists about this new development in Nigeria’s financial sector in Lagos, said Nigeria Deposit Insurance Corporation is making N786bn available to the new bank, assuring depositors that their funds remain safe.

Subsequently, a bridge bank known as Polaris takes over and assumes ownership of assets and liabilities of the defunct Skye effective Monday, September 24, 2018.

“The strategy is for the Asset Management Company of Nigeria (AMCON) to capitalize 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,” Emefiele said.

It will be recalled that the central bank on July 4, 2016, took a regulatory action Skye Bank after it failed to meet minimum thresholds in critical prudential and adequacy ratios, having suffered a massive liquidity hemorrhage, landing the bank at a permanent spot at the CBN Lending Window.

The CBN had kept Skype bank liquid since July 2016.

 

The origins of Skye Bank date back to 1989 when Prudent Bank Plc., was incorporated as a limited liability company. In 1990, the bank was issued a license as merchant bank. That same year, it rebranded as Prudent Merchant Bank Limited. In 2006, Prudent Merchant Bank Limited merged with four other banks to form Skye Bank Plc.

 

Leave a comment

Related Articles

Nigerian Business Community to FG: Use Ghana Trade Office to solve our problems

The Nigerian business community in Ghana has urged the federal government to...

Heirs Holdings tells story of transformational investment in Africa, launches its first-ever TV commercial

Heirs Holdings has launched its first-ever television commercial (TVC), showcasing the company’s...

Aig-Imoukhuede, co-founder, returns to Access Holdings as Chairman

Access Holdings PIc has announced the return of Mr. Aigboje Aig-Imoukhuede as...

CBN to sanction MfBs over late non-rendition of statutory monthly returns

The Central Bank of Nigeria (CBN) has directed all microfinance banks (MfBs)...

In a great leap forward, Heirs Holdings launches Heirs Technologies, set to lead Africa’s digital evolution

Heirs Holdings, a leading African investment company dedicated to improving lives and...

Transcorp Group announces listing of Transcorp Power Plc by introduction on Nigerian Exchange’s Main Board March 4

Transnational Corporation Plc (Transcorp Group) wishes to announce the listing of its...

CBN to sell N1.64trn Treasury bills in Q2 2024

The Central Bank of Nigeria (CBN) has said it will sell Treasury...

Nigeria lacks sufficient reserves to tackle FX demands, backlog in the market, says expert

An economist, Mr. Esili Eigbe, has said Nigeria lacked sufficient reserves to...

CBN to sell dollar at N1,301 to authorized BDC

In its bid to increase liquidity, strengthen the naira, and curb distortion...

Economic hardship: Elumelu to partner MOFI to boost economy

Nigerian philanthropist and Chairman of Heirs Holdings Group, Mr. Tony Elumelu, has...

NSA, CBN join forces to curb illicit activities in forex market

In its bid to strengthen Nigeria’s foreign exchange market, the Office of...

CBN stops dollar cash payments for BTA, PTA

The Central Bank of Nigeria (CBN) has announced that it will no...

Wigwe’s death: Access Holdings appoints Bolaji Agbede its Ag. CEO

Access Holdings Plc has announced the appointment of Ms. Bolaji Agbede as...

We must moderate our demands for forex, says Cardoso

The governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso,...

NNPCL, CBN partner for seamless banking operations

In their bid to foster transparency and seamless commercial operations, the Nigerian...

FG set to disburse N200bln to Nano business owners

Poised to turn around the economic fortunes of Nigeria, the Federal Government...

E-payment transactions in Nigeria hit historic N600trn in 2023 – NIBSS

Nigeria’s transition to a cashless economy got a significant boost as electronic...

Nigeria’s inflation rate will drop to 21% in 2024, says CBN Gov. Cardoso

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso,...

CBN reforms yielding positive results, says Cardoso

Recent reforms introduced by the Central Bank of Nigeria (CBN) are beginning...

GAIN, NCIC award $16,000 to Nigerian innovators for safe, nutritious foods

In a bid to encourage the consumption of safe and nutritious foods...