Skye Bank: Nigerian Stock Exchange Halts Trading

• Skye Bank: Nigerian Stock Exchange Halts Trading

The Nigerian Stock Exchange on Friday said trading in shares of defunct Skye Bank will be suspended, effective Monday 24 September.

The decision was after the Central Bank of Nigeria revoked the license of Skye Bank on Friday and announced the establishment of a bridge bank called Polaris Bank Ltd.

Polaris Bank Ltd would be injected N786 billion by AMCON and manage the assets of Skye Bank, according to the CBN.

Skye Bank’s market valuation stood at N10.687 billion before the announcement, while its shares were trading at 77kobo.

The volume of trade was 2,931,537 with shares outstanding of 13.88 billion. So far, the stock has returned 40 percent profit this year, up from 48 kobo to 77 kobo.

On Saturday, Skye Bank logo and name were changed on its official Twitter account to Polaris Bank. Suggesting that Skye Bank shares would be transferred to Polaris, hence, the reason for the suspension.