CBN revokes Skye Bank’s operating license
The Central Bank of Nigeria (CBN) has revoked the operating license of Skye Bank.
The bank, according CBN governor Godwin Emiefile, will now be taken over by Polaris Bank.
Emiefile told newsmen on Friday that Skye Bank, which has been on CBN’s lifeline since July 2016, can no longer continue to intervene to keep the balance liquid.
“Skye Bank requires urgent recapitalization as it can no longer continue to live on borrowed times with indefinite liquidity support from the CBN.
“We have decided to establish a bridge bank, Polaris Bank, to assume the assets and liabilities of Skye Bank.
“The strategy is for AMCON to capitalise the bridge bank and begin the process of sourcing investors to buy out AMCON.
“By this decision, the licence of Skye Bank is hereby revoked,” he said.
The Nigeria Deposit Insurance Corporation has injected N786bn in the new bank.
The move, reports say, will not affect the management of the bank.
