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Home / BUSINESS / CBN Governor, Emefele Says, “Customers’ Funds Safe” As Polaris Bank Takes Over Skye Bank

CBN Governor, Emefele Says, “Customers’ Funds Safe” As Polaris Bank Takes Over Skye Bank

The Central Bank of Nigeria (CBN) has withdrawn the license of Skye Bank Plc after two years of providing life line to the bank.
CBN Governor, Godwin Emefiele while briefing journalists in Lagos said: “As a responsible and responsive regulator and in consultation with the Nigerian Deposit Insurance Corporation (NDIC), we have decided to establish a bridge bank ‘Polaris Bank,’ to assume the assets and liabilities of Skye Bank”.
He said: “The result of our examinations and forensic audit of the bank have revealed that the Skye Bank requires urgent recapitalisation as it can no longer continue to live on borrowed times with indefinite liquidity support from the CBN. The shareholders of the bank have been unable to recapitalize it.”
It will be recalled that on July 4, 2016, the CBN took a regulatory action on Skye Bank Nigeria Plc which led to the resignation of the Chairman, all Non-Executive Directors on the Board as well as the Managing Director, Deputy Managing Director, and the two longest-serving Executive Directors on the management team.
Under the current action, the Asset Management Company of Nigeria (AMCON) will capitalize the bridge bank and begin the process of sourcing investors to buy out AMCON.
Emefiele said: “We wish to assure all depositors that under this arrangement, their deposits shall remain safe and that normal banking services shall continue in the new bank on Monday, September 24, 2018, to enable customers to transact their businesses seamlessly.”

Ras Kimono’s Wife, Efemena, Dies 3 Months After Husband’s Death
Efemena Okedi, wife of late veteran reggae icon, Ras Kimono, has died.
The news of her death was confirmed by the Project Manager of Premiere Music, Michael Odiong, who said the sad incident occurred in the early hours of Sunday September 23, 2018.
The cause of her death is still unknown as at press time.
It will be recalled that Ras Kimono died at a hospital in Ikoyi, Lagos on Sunday, June 10, 2018 after he was reported to have slumped.
Full details later…

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