ElNero:
What is gonna happen to those that bank with them? :'

there is no cause for alarm. your money is safe. that is the reason why CNN intervene by withdrawing the license from previous owners. with new owner of the bank, the bank continues to operates as usual.

AdiscoPele:
From this statement in the write up above,

The management of the defunct bank was however retained for its good performance.[b][/b]

Methinks it's just a change of name.

Yeye dey smell

do you expect the bank to say they are retain for their bad performance?
I put it to you that there will definitely be a lot of change in the management team in no distance time. they are only retain to calm nerves of depositors and key investors. if they had been that good, will the bank have issue to the point of having it's license withrew? think along what you read.

akdjr:
Yes you're right about graduates like you who are not employable. Besides, I am now employer of labour after a successful career.

And you are still too dull to understand and interpret a simple post? Chai! What manner of "employer of labour" is this one?! If I'm one of your employees and see this your moronic post, I won't hesitate to walk out on you. You sound too dull to employ anybody

zinnyzee:
Hah!

why telling your self those bad and negative things every-morning?

[quote author=1234IKECHhukwu post=71406454]Contact the
registrar of access bank shares he/she 'll guide u on what to do to recover whatever units that is remaining from the acquisition.(what I really mean was what happened in the case of Bank PHB,where it was acquired by keystone bank & share holders, shares were wiped off from the exchange).[/quote

Okay, thanks.

faroukfahima:
The Central Bank of Nigeria (CBN) has withdrawn the operating license of Skye Bank.

CBN Governor, Godwin Emefile announced the decision of Friday evening in Lagos.

Polaris Bank has been established to assume ownership of the assets and liabilities of Skye Bank.

The Nigeria Deposit Insurance Corporation has injected N786bn in the new bank.

The management of the defunct bank was however retained for its good performance.

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.?

More Details Soon...

https://www.thecable.ng/breaking-cbn-revokes-skye-banks-license/amp?__twitter_impression=true

Pyramid scheme

I hope they retain their staffs

Austema:

why telling your self those bad and negative things every-morning?

That's what you think.

They ain't bad to me.

Samsars:
What will now happen to people's deposit with the bank. CBN better give us the full gist

Money is safe.
Skye bank now Polaris Bank.New banking licensed issued. Past capital issues now resolved with the liquidation of Skye Bank License and issuance of new banking License for Polaris Bank. All deposits are safe. CBN support assured. We can now publish Financials.
CBN is injecting almost N800bn to zerorise old toxic assets. All staff to onboard into Polaris bank. This is about change of bank name to forestall litigation issues from old shareholders.

OlujobaSamuel:
mgt retained for good performance while the bank cant continue operations?
who is dishing this type of weed abeg, i need an explanation

The initial management that ran the place down has been kicked out by the CBN, who appointed the current guts to manage the crisis-ridden entity.

Let me just go and check the polaris website first,whether they have new job openings.

The Nigeria Deposit Insurance Corporation has injected N786bn in the new bank.

Can someone who really understands banking please explain the rationale behind this "investment'' of more than USD2bn into a new, private bank?

Isn't that public fund? How will taxpayers recoup the investment, and how long? Is this just another cronyism typical of Emefiele?

RoyalPriesthuud:


Can someone who really understands banking please explain the rationale behind this "investment'' of more than USD2bn into a new, private bank?

Isn't that public fund? How will taxpayers recoup the investment, and how long? Is this just another cronyism typical of Emefiele?

If u read the full text u will discover that the 800b is meant to stabilize the bank before it is sold .....after the sales the cbn can now recover it's funds.

zamirikpo:


If u read the full text u will discover that the 800b is meant to stabilize the bank before it is sold .....after the sales the cbn can now recover it's funds.

The "full post" is sparse on details. It says it's been on lifeline from CBN from 2016, and I suppose lifeline means even more funds for the past two years. What I do not understand is why public funds is needed for a sale of a private business. If I choose to buy a failing business, aren't I suppose to be responsible for it's liabilities? Pls explain...

RoyalPriesthuud:
The "full post" is sparse on details. It says it's been on lifeline from CBN from 2016, and I suppose lifeline means even more funds for the past two years. What I do not understand is why public funds is needed for a sale of a private business. If I choose to buy a failing business, aren't I suppose to be responsible for it's liabilities? Pls explain...

Cbn through the NDIC ensures that every bank runs smoothly, in case of a distressed bank they can step in to ensure stability. Remember apart from depositors funds it would be huge disaster for the Labour market to absorb skyebank staff in case of liquidation.

Bale out funds are not a new phenomenon the American govt did it during there last economic melt down.

So see it as a bale out fund which will be replaced in the event that Polaris bank finds a buyer.

LUGBE:
Disastrous

Nd catastrophic

serious

At the end of the day, the biggest losers are the ordinary folks that invested in the shares of Skye bank. Their sweat and hard work had gone down the drain just like that. After my FIN bank and BankPHB experience, I have sworn never ever to invest in the shares of any Nigerian bank again except I am one if the major owners and a director.

CBN, NDIC, and SEC are all hopeless regulators. If we don't find a way to put in place very strong cooperate governance framework for these banks, sad occurrences like this will still continue to happen. The fact that CBN decided not to sack the current crop of management after taking over the bank raises lots of questions. Is there a timeframe for management of the new Polaris bank to return the over N700billion taxpayers money that NDIC infused into the bank? Will EFCC ever prosecute the Tunde Ayeni led management board that ruined the bank? Sigh!

Have not been able to load, transfer or perform and kinda banking service since yesterday on Skye mobile. I need to do one or 2 things with the money there. But can't. It my salary account. I usually don't leave money there but I have 95k in the account right as we speak. I wanted to transfer 50k yesterday to my access bank account. But just decide to leave it there that I could need it anytime as the Skye is closer to me.

ijaola:
Have not been able to load, transfer or perform and kinda banking service since yesterday on Skye mobile. I need to do one or 2 things with the money there. But can't. It my salary account. I usually don't leave money there but I have 95k in the account right as we speak. I wanted to transfer 50k yesterday to my access bank account. But just decide to leave it there that I could need it anytime as the Skye is closer to me.

I pity their staff on monday. The way people will crowd the bank eh....

They should have left the apps working to assuage the fears of customers.
Now everyone will crowd the banks for withdrawals on monday.
..

zamirikpo:


Cbn through the NDIC ensures that every bank runs smoothly, in case of a distressed bank they can step in to ensure stability. Remember apart from depositors funds it would be huge disaster for the Labour market to absorb skyebank staff in case of liquidation.

Bale out funds are not a new phenomenon the American govt did it during there last economic melt down.

So see it as a bale out fund which will be replaced in the event that Polaris bank finds a buyer.

I know about the bail outs of 2008. I also know that the American taxpayers made a profit from it's AIG bailout investment by 2012 but it was the exception, not the rule. Now, because the US government bailed out banks that were 'too big to fail' during a major DEPRESSION to avert a total collapse does not mean it hands out money all the time. And remember it allowed Lehman Bros and others to fail.

The question is whether Skye going under bring the economy down? Why give $2bn to Polaris to purchase a failing bank and still reward the mgt that brought the ruin in the first place?

I find this uncomfortable because this seems like the CBN and AMCON helped Skye purchase Mainstreet bank.
http://www.proshareng.com/news/27053/How-to-buy-a-Nigerian-bank-with-no-money-Proshare

seunmsg:
At the end of the day, the biggest losers are the ordinary folks that invested in the shares of Skye bank. Their sweat and hard work had gone down the drain just like that. After my FIN bank and BankPHB experience, I have sworn never ever to invest in the shares of any Nigerian bank again except I am one if the major owners and a director.

CBN, NDIC, and SEC are all hopeless regulators. If we don't find a way to put in place very strong cooperate governance framework for these banks, sad occurrences like this will still continue to happen. The fact that CBN decided not to sack the current crop of management after taking over the bank raises lots of questions. Is there a timeframe for management of the new Polaris bank to return the over N700billion taxpayers money that NDIC infused into the bank? Will EFCC ever prosecute the Tunde Ayeni led management board that ruined the bank? Sigh!

My fears exactly. If you give out cash to bad performers, you are either downright stupid or you're a bad performer yourself.

RoyalPriesthuud:
I know about the bail outs of 2008. I also know that the American taxpayers made a profit from it's AIG bailout investment by 2012 but it was the exception, not the rule. Now, because the US government bailed out banks that were 'too big to fail' during a major DEPRESSION to avert a total collapse does not mean it hands out money all the time. And remember it allowed Lehman Bros and others to fail.

The question is whether Skye going under bring the economy down? Why give $2bn to Polaris to purchase a failing bank and still reward the mgt that brought the ruin in the first place?

I find this uncomfortable because this seems like the CBN and AMCON helped Skye purchase Mainstreet bank.
http://www.proshareng.com/news/27053/How-to-buy-a-Nigerian-bank-with-no-money-Proshare

Would you rather have depositors loose their hard earned money. The FG use our money for a lot of white elephant projects, bailing out a bank is even commendable..... polaris is a bridge bank , I just read about what bridge banks do .

In any case I have been able to recharge my fone with my skyebank/polaris bank account. Let's hope things stabilize during the week.

People who granted underperforming loans that led to the failure of this bank should be punished