Breaking: Skye Bank becomes Polaris Bank as CBN revokes license

The Central Bank of Nigeria (CBN) has revoked the license of Skye Bank Nigeria Plc, disclosing it will now be known as Polaris Bank.

CBN Governor and the Managing Director of the Nigeria Insurance Deposit Corporation (NDIC), Godwin Emefiele, said this on Friday at a media briefing in Lagos.

He said an injection of N786 billion has been made into the bank with the Asset Management Corporation of Nigeria (AMCON) directed to commence the sale process of the bank from Monday.

The revocation of Skye Bank’s operating license follows the Central Bank’s decision to pause its injection of funds processes in the lender.

The regulators maintain that customers deposits safe as management and members of staff will be retained under the new ownership structure.

Meanwhile, the share price of Skye Bank on Friday gained 4.05 percent at 77 kobo.

The stock is expected to be placed on suspension from Monday in accordance with bridge bank procedures.