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Skye Bank dead, Polaris Bank assumes control
Egbecho Faith  - Polaris Bank has assumed control over the benefits and liabilities of Skye Bank, the Central Bank of Nigeria said today.

Subsequently, the CBN has denied the working permit of Skye Bank Plc with quick impact.

Legislative head of Central Bank, Godwin Emefiele, revealed this amid a press preparation in Lagos on Friday. Emefiele said the choice was achieved following the failure of the proprietors of the bank to shore up the capital of the upset bank which had before gotten a N350 billion mediation in July 2016.

Polaris is an extension bank set up working together with NDIC and AMCON and the revealing was a protected mystery until Emefiele’s declaration in Lagos today. As indicated by Emefiele, the extension bank, Polaris Bank will get a solitary digit premium long haul office of N786 billion from the Assets Management Corporation of Nigeria (AMCON).

The ending up of the bank came five months after the CBN recharged the command of the leading group of the for an extra two years. Emefiele passed a certainty vote on the board and said it will keep on running the bank.

The bank’s board involves Mr Muhammad Ahmad and Mr Tokunbo Abiru, Chairman and Group Managing Director

Submitted 1 month ago by Philip Opara
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