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CBN Revokes Operating Licence of Skye Bank, Injects N786bn for Recapitalization

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The Central Bank of Nigeria (CBN), has revoked Skye Bank’s operating licence.
The CBN Governor, Godwin Emefiele, has also announced the injection of a fresh N786bn into bank, while the Asset Management Corporation of Nigeria (AMCON) has been asked to immediately commence the sale process of the assets of the defunct bank from next Monday.
The Maanaging Director of the Nigeria Deposit Insurance Corporation (NDIC), Umar Ibrahim, has confirmed the development through the spokesperson of the Commission, Mohammed Ibrahim.
The NDIC is said to have created a bridge bank named Polaris Bank to assume assets and liabilities of Skye Bank.
The bridge bank will inject N786bn to recapitalise the bank and return it to stability and profitability before selling to interested investors

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