Skye Bank: CBN Finally Takeover; Establishes Polaris Bank

• Skye Bank: CBN Finally Takeover; Establishes Polaris Bank

The Central Bank of Nigeria (CBN) has finally takeover Skye Bank management, following years of low liquidity and financial support, Godwin Emefiele, Governor of CBN announced on Friday.

The apex bank is now setting up a new Bridge Bank called Polaris to manage the assets and liabilities of the failed bank.

According to CBN, a total of N786 billion is to be injected into the new bank by AMCON.

The embattled bank has been on CBN’s lifeline since the middle of 2016, however, the apex bank can no longer continue to maintain the bank’s liquidity.

Details later…