NSE Suspends Trading of Skye Bank Shares

By Dipo Olowookere

The Nigerian Stock Exchange (NSE) on Saturday announced placing an embargo on trading of the shares of Skye Bank Plc on its platform.

This followed the withdrawal of the operating license of the lender by the Central Bank of Nigeria (CBN) on Friday.

A statement issued by the stock market regulator this morning said the suspension will take effect from Monday, September 24, 2018.

“The Nigerian Stock Exchange (NSE) hereby notifies the investing public that the shares of Skye Bank Plc (Skye Bank) will be suspended from trading on the floor of The Exchange effective Monday, 24 September 2018.

“This action is taken following on the recent regulatory action of the Central Bank of Nigeria revoking the banking license of Skye Bank and in exercise of the powers of The Exchange pursuant to the Rules on Suspension of Trading in Listed Securities, Rulebook of The Exchange (Issuers’ Rules).

“Further developments will be communicated as appropriate in due course,” the statement obtained by Business Post said.​​

Yesterday, the central bank liquidated Skye Bank and announced Polaris Bank as the new owners of its assets and liabilities.

Skye Bank had been in the hands of the CBN since 2016, when the apex bank appointed a new management team for the lender.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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