CBN revokes Skye Bank’s operating license
The Central Bank of Nigeria (CBN) has revoked the operating license of Skye Bank. The bank, according to CBN governor Godwin Emiefile, will now be taken over by Polaris Bank. Emiefile told newsmen on Friday that Skye Bank, which has been on CBN’s lifeline since July 2016, can no longer continue to intervene to keep the balance liquid assets. The move, reports say, will not affect the management of the bank. Godwin Emefiele, the governor of the CBN announced the withdrawal at a press briefing; saying that the bank could no longer service its shareholders despite receiving a 350 billion naira intervention in July 2016. The announcement came as a shock to many observers whose concerns may have been assuaged when only this past April, the CBN passed a vote of confidence on the board of the bank and gave it an additional two years to steady the ship of operations. According to Emefiele, “The result of our examinations and forensi...
