By Babajide Komolafe
The Central Bank of Nigeria (CBN) Friday revoked the licence of Skye Bank, and transferred its assets and liabilities to a newly licensed bridge bank called Polaris Bank.
Meanwhile, the Nigeria Deposit Insurance Corporation (NDIC) has sold Polaris Bank to the Asset Management Corporation of Nigeria (AMCON) with the mandate to stabilise the bank as well as return it to profitability for the purpose of selling it to interested Investors.
In this regard AMCON will inject N786 billion into Polarise Bank to bring it’s net value to zero.
CBN Governor, Mr. Godwin Emefiele and NDIC Managing Director, Alhaji Umaru Ibrahim disclosed this at a joint press conference in Lagos Friday.
Emefiele said while the purpose of the CBN’s intervention in Skye Bank on July 4th 2016 has been achieved the decision to revoke the license of Skye Bank was due to failure of its shareholders to recapitalise the bank.