CBN withdraws Skye Bank’s operating license
Skye Bank
The Central Bank of Nigeria (CBN) has revoked the operating licence of Skye Bank Plc with immediate effect.
This was declared by the apex bank 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.
In this article:
You may also like
3 hours ago
A man set himself on fire Friday outside the court where Donald Trump is standing trial in Manhattan, with officers rushing to extinguish the flames. Burning clothes were strewn in the park, which was locked down by authorities, while ambulances lined up nearby on standby, an AFP correspondent at the scene saw, describing a strong…
20 hours ago
Financial mastery serves as the bedrock for building wealth and stability for individuals. It involves a strategic approach to making logical decisions to optimise one’s resources, manage expenses, and ultimately, achieve financial goals. Every decision made within such parameters counts, from creating comprehensive budgets that align with income and expenses to sticking to savings rituals…
55 mins ago
President Bola Tinubu has appointed a new board to oversee the affairs of the Securities and Exchange Commission (SEC). Tinubu announced the appointment of seven Nigerian professionals on Friday in a statement by presidency spokesman, Ajuri Ngelale. The SEC board has Mairiga Aliyu Katuka as Chairman; Emomotimi Agama is Director-General while Frana Chukwuogor is Executive…