Polaris Bank has taken over the assets and liabilities of Skye Bank, the Central Bank of Nigeria said today.
Consequently, the CBN has revoked the operating licence of Skye Bank Plc with immediate effect.
Governor of Central Bank, Godwin Emefiele, disclosed this during a press briefing in Lagos on Friday. Emefiele said the decision was reached following the inability of the owners of the bank to shore up the capital of the distressed bank which had earlier received a N350 billion intervention in July 2016.
Polaris is a bridge bank set up in concert with NDIC and AMCON and the unveiling was a guarded secret until Emefiele’s announcement in Lagos today. According to Emefiele, the bridge bank, Polaris Bank will be getting a single digit interest long term facility of N786 billion from the Assets Management Corporation of Nigeria (AMCON).
The winding up of the bank came five months after the CBN renewed the mandate of the board of the for an additional two years. Emefiele passed a confidence vote on the board and said it shall continue to run the bank.
The bank’s board comprises Mr Muhammad Ahmad and Mr Tokunbo Abiru, Chairman and Group Managing Director respectively.
The CBN back in April also said the board was given a new two-year term to turn around the operations of the bank.
“In the two years of the board’s mandate, the team has stabilised the institution, entrenched sound corporate governance and risk management practices, and restored depositors’ confidence.
“In recognition of the stellar performance of the board, the CBN has renewed the Board’s mandate for an additional two-year term till 30th June, 2020.
“We wish to assure the Bank’s shareholders and stakeholders of the commitment of its board and Management, working with the CBN, to conclude various initiatives to achieve a positive turn around for the bank and deliver value to its stakeholders.”
Also, the Managing Director and Chief Executive of Nigerian Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim said the option of a bridge bank was to ensure that the depositors of the bank are taken care of and deposits are not lost.
Ibrahim said that the bridge bank would also ensure that there would be no job losses as Polaris Bank would retain all staff of the distressed bank under a new contract.
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.
I was recommended this website by my cousin.
I am not sure whether this post is written by him as no one else know such detailed about my
problem. You’re incredible! Thanks!
great issues altogether, you simply won a logo new reader.
What would you recommend about your post that you just made a few days in the past?
Any positive?
Appreciating the time and effort you put into your site and in depth information you present.
It’s great to come across a blog every once in a
while that isn’t the same old rehashed material. Fantastic read!
I’ve bookmarked your site and I’m adding your RSS feeds to my Google account.
I’m truly enjoying the design and layout of your site.
It’s a very easy on the eyes which makes it much more enjoyable for me to come here and visit more
often. Did you hire out a developer to create your theme? Exceptional work!
I visited various web pages except the audio quality
for audio songs present at this website is actually wonderful.
When I initially commented I clicked the “Notify me when new comments are added” checkbox and now each
time a comment is added I get several emails with the
same comment. Is there any way you can remove people from that service?
Thanks a lot!
Hi this is kinda of off topic but I was wondering if blogs use WYSIWYG editors
or if you have to manually code with HTML. I’m starting a blog soon but have no coding knowledge so I
wanted to get advice from someone with experience. Any help would
be greatly appreciated!
Quality posts is the secret to attract the people to pay a
quick visit the site, that’s what this website is providing.
Hi, i feel that i noticed you visited my weblog so i came to go back
the desire?.I am attempting to to find issues to enhance
my website!I guess its adequate to use a few of your ideas!!
Spot on with this write-up, I absolutely believe that this amazing
site needs much more attention. I’ll probably be back again to
see more, thanks for the information!
Fantastic goods from you, man. I’ve understand your stuff previous to and you’re just too magnificent.
I actually like what you’ve acquired here, really like what you’re saying and
the way in which you say it. You make it entertaining and you still take care of
to keep it wise. I cant wait to read far more from you.
This is really a tremendous web site.
Hi there, i read your blog from time to time and i own a similar one and i was
just wondering if you get a lot of spam responses?
If so how do you prevent it, any plugin or anything
you can recommend? I get so much lately it’s driving me mad so any help is very much
appreciated.
This design is wicked! You most certainly know how
to keep a reader amused. Between your wit and your videos, I was almost
moved to start my own blog (well, almost…HaHa!) Great job.
I really enjoyed what you had to say, and more than that, how you presented it.
Too cool!
A motivating discussion is definitely worth comment. I believe that
you should publish more about this issue, it might not be
a taboo matter but usually folks don’t talk about such
issues. To the next! Best wishes!!
Impacto mecanico
Aparatos de balanceo: fundamental para el rendimiento suave y eficiente de las maquinarias.
En el ambito de la innovacion actual, donde la rendimiento y la confiabilidad del sistema son de alta relevancia, los aparatos de calibracion cumplen un rol fundamental. Estos sistemas adaptados estan desarrollados para balancear y estabilizar componentes moviles, ya sea en maquinaria manufacturera, medios de transporte de transporte o incluso en equipos caseros.
Para los especialistas en reparacion de dispositivos y los tecnicos, operar con equipos de calibracion es crucial para asegurar el funcionamiento estable y fiable de cualquier mecanismo giratorio. Gracias a estas alternativas modernas innovadoras, es posible reducir considerablemente las movimientos, el estruendo y la tension sobre los sujeciones, prolongando la tiempo de servicio de partes importantes.
De igual manera relevante es el rol que cumplen los equipos de ajuste en la soporte al usuario. El ayuda experto y el soporte regular aplicando estos aparatos facilitan dar asistencias de gran estandar, aumentando la bienestar de los consumidores.
Para los responsables de negocios, la inversion en unidades de calibracion y dispositivos puede ser fundamental para mejorar la rendimiento y rendimiento de sus aparatos. Esto es especialmente trascendental para los duenos de negocios que dirigen medianas y pequenas negocios, donde cada elemento vale.
Ademas, los dispositivos de equilibrado tienen una extensa implementacion en el sector de la fiabilidad y el control de calidad. Habilitan identificar probables problemas, previniendo mantenimientos elevadas y perjuicios a los aparatos. Mas aun, los informacion generados de estos equipos pueden utilizarse para optimizar metodos y incrementar la reconocimiento en motores de busqueda.
Las campos de utilizacion de los aparatos de equilibrado cubren numerosas sectores, desde la elaboracion de bicicletas hasta el control de la naturaleza. No interesa si se habla de grandes manufacturas industriales o limitados espacios domesticos, los equipos de balanceo son indispensables para asegurar un funcionamiento productivo y libre de interrupciones.
Hello! Someone in my Myspace group shared this website with us
so I came to give it a look. I’m definitely loving
the information. I’m book-marking and will be tweeting this to my followers!
Terrific blog and fantastic design and style.
Hi there, I discovered your website via Google even as looking for a similar matter, your site came up, it
appears good. I’ve bookmarked it in my google bookmarks.
Hi there, simply became aware of your weblog through Google, and located
that it’s truly informative. I’m gonna watch out for brussels.
I’ll be grateful when you continue this in future.
Numerous folks shall be benefited from your writing. Cheers!
I savor, cause I found exactly what I was looking for.
You have ended my four day lengthy hunt! God Bless you man. Have a
great day. Bye
Hi there to every body, it’s my first pay a visit of
this webpage; this webpage carries awesome and genuinely excellent material designed for readers.
When I originally commented I clicked the “Notify me when new comments are added” checkbox and
now each time a comment is added I get three emails with the same comment.
Is there any way you can remove people from that service?
Thanks!
Useful information. Fortunate me I found your website unintentionally, and I am
stunned why this accident did not happened in advance! I bookmarked it.
Pretty element of content. I just stumbled upon your site
and in accession capital to assert that I acquire in fact loved account your weblog posts.
Anyway I’ll be subscribing to your augment or
even I achievement you access persistently quickly.
whoah this blog is wonderful i like reading your posts. Keep
up the good work! You know, many persons are hunting round for this
info, you can aid them greatly.
An outstanding share! I have just forwarded
this onto a colleague who had been conducting a little research on this.
And he in fact ordered me dinner simply because I found it for him…
lol. So allow me to reword this…. Thank YOU for the meal!!
But yeah, thanks for spending time to discuss this matter
here on your blog.
Stunning quest there. What happened after? Good luck!