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CBN Revokes Operating License of Skye Bank

By Modupe Gbadeyanka

The operating license of Skye Bank Plc has been revoked by the Central Bank of Nigeria (CBN).

Consequently, a new owner of the financial institution has been announced by the banking sector regulator.

According to the CBN Governor, Mr Godwin Emefile, who announced the decision on Friday evening in Lagos, Polaris Bank has been established to assume ownership of the assets and liabilities of Skye Bank.

The new owner will run the lender and make sure it gets back on its feet and return to profitability.

Business Post reports that only a few months ago, the apex bank extended the tenure of the interim management it appointed for the financial institution when it took over the affairs of Skye Bank Plc in 2016.

Skye Bank has failed to release its financial statements to the Nigerian Stock Exchange (NSE) and its shareholders.

It was gathered that the Nigeria Deposit Insurance Corporation (NDIC) has already injected N786 billion into the new bank, which has the management of the defunct Skye Bank retained for its good performance.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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