August 15, 2025
logo

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.

 

768 thoughts on “CBN Appoints Polaris As Bridge Bank for Skye Bank.”

  1. 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!

    Reply

  3. 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.

    Reply

  4. 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!

    Reply

  6. 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!

    Reply

  7. 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!

    Reply

  9. 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!!

    Reply

  11. 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.

    Reply

  12. 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.

    Reply

  14. 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!!

    Reply

  15. 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.

    Reply

  16. 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.

    Reply

  17. 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!

    Reply

  19. 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.

    Reply

  20. 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!

    Reply

  22. 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.

    Reply

  23. 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.

    Reply

  24. 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.

    Reply

  27. My coder is trying to persuade me to move to .net from PHP.
    I have always disliked the idea because of the expenses.
    But he’s tryiong none the less. I’ve been using Movable-type on various websites for about a year
    and am worried about switching to another platform. I have heard great things about blogengine.net.
    Is there a way I can transfer all my wordpress posts into it?
    Any kind of help would be really appreciated!

    Reply

  28. Hello There. I found your blog using msn. This is a very well written article.
    I will be sure to bookmark it and return to read more of your useful info.
    Thanks for the post. I’ll definitely comeback.

    Reply

  29. Hi, i think that i saw you visited my weblog thus i came to
    “return the favor”.I am trying to find things to enhance my site!I suppose its ok to use a few of your ideas!!

    Reply

  30. Hey! I’m at work surfing around your blog from my new iphone 3gs!
    Just wanted to say I love reading through your blog and look forward to all your posts!
    Keep up the superb work!

    Reply

  141. It is perfect time to make some plans for
    the longer term and it is time to be happy.

    I’ve read this post and if I may I wish to recommend you few fascinating issues or tips.
    Maybe you can write subsequent articles relating to
    this article. I want to read more issues approximately it!

    Reply

  260. Hi there! This post could not be written any better!
    Going through this post reminds me of my previous roommate!
    He continually kept preaching about this. I am going to send
    this information to him. Fairly certain he’s going to have a good read.
    Thanks for sharing!

    Reply

  419. Today, I went to the beach front with my children. I
    found a sea shell and gave it to my 4 year old daughter
    and said “You can hear the ocean if you put this to your ear.”
    She put the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear.

    She never wants to go back! LoL I know this
    is totally off topic but I had to tell someone!

    Reply

  469. With havin so much content and articles do you ever run into
    any problems of plagorism or copyright violation? My site has a lot of exclusive content
    I’ve either authored myself or outsourced but it seems a lot of it
    is popping it up all over the internet without my permission.
    Do you know any solutions to help prevent content from
    being stolen? I’d certainly appreciate it.

    Reply

  515. Great goods from you, man. I have understand your stuff previous to and you’re just too
    wonderful. I actually like what you’ve acquired here, really
    like what you’re stating and the way in which
    you say it. You make it entertaining and you still take care of to keep it wise.
    I can not wait to read far more from you. This is really a tremendous website.

    Reply

  517. Hello would you mind stating which blog platform you’re working with?
    I’m planning to start my own blog in the near future but I’m having a tough time deciding between BlogEngine/Wordpress/B2evolution and Drupal.
    The reason I ask is because your design and style seems different then most blogs and I’m looking for something completely unique.
    P.S Sorry for getting off-topic but I had to ask!

    Reply

  638. I’m not sure where you are getting your info, but
    great topic. I needs to spend some time learning much more or understanding more.
    Thanks for magnificent information I was looking for this information for my mission.

    Reply

  655. Thank you a lot for sharing this with all people you really recognise what
    you are talking about! Bookmarked. Kindly also consult with my
    web site =). We could have a hyperlink change contract among
    us

    Reply

  659. naturally like your web site but you have to check the spelling on quite a few of your posts.

    Several of them are rife with spelling problems and I in finding it very troublesome
    to inform the truth then again I’ll certainly come again again.

    Reply

  706. Good day! This post couldn’t be written any
    better! Reading through this post reminds me of my previous
    room mate! He always kept chatting about this. I will forward this write-up to him.
    Fairly certain he will have a good read. Thank you for sharing!

    Reply

  724. I love what you guys tend to be up too. This sort of clever
    work and reporting! Keep up the superb works guys I’ve included you guys
    to my personal blogroll.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

Related News

Clifford University

No creation of new tertiary institutions for seven years, says FG

August 13, 2025 255
Alternative Bank

The Alternative Bank targets women, men, and farmers with national financial inclusion, entrepreneurship drive

August 12, 2025 76