BY DAMOLA EMMANUEL
Skye Bank Plc is defunct. This is official.
The Central Bank of Nigeria, CBN, revoked the bank’s operating licence on Friday. The revocation is with immediate effect.
Mr. Godwin Emefiele, CBN Governor, sounded the death knell on the bank during a press conference in Lagos on Friday, saying it had been living on “borrowed times”.
The CBN boss also announced that a bridge bank, Polaris, will take over all the assets and liabilities of the defunct bank.
Polaris Bank is expected to inject N786bn to recapitalise the bank, return it to stability and profitability, and then sell it to willing investors.
The CBN, however, assured depositors that their money was safe.
