Friday, March 24, 2023



CBN revokes Skye Bank’s licence, Polaris Bank to take over assets

CBN revokes Skye Bank’s licence, Polaris Bank to take over assets
September 21
18:08 2018

The Central Bank of Nigeria has withdrawn the operating licence of Skye Bank.

Umaru Ibrahim, chairman of the Nigeria Deposit Insurance Corporation (NDIC), made this known to journalists on Friday.

Umaru said the NDIC in collaboration with the Central Bank of Nigeria (CBN) has approved that a bridge bank will be established.

Addressing journalists, Godwin Emefiele, CBN governor, said the bridge bank, Polaris Bank, will take on the assets and liabilities of  Skye Bank.


“Consequently, Polaris Bank Limited has been issued operating licence by the CBN and shall commence banking business from today, Friday, 21st September,” Umaru said.

“The operating license of Skye Bank has been revoked by the governor of the Central Bank and the NDIC has commenced its liquidation. The capitalisation of Polaris Bank Limited is being done by the Assets Management Corporation of Nigeria through the injection of about N786 billion to return the bank to soundness and profitability so as to enable its subsequent sale to credible and financially sound third-party acquirers.”

Emefiele said that although the bank’s performance improved after July 2016 when the Assets Management Corporation of Nigeria and the CBN stepped in.


“The result of our examinations and forensic audit of the bank revealed that the Skye Bank requires urgent recapitalisation as it can no longer continue to live on borrowed times with indefinite liquidity support from the CBN.

“We wish to assure all depositors that under this arrangement, their deposits shall remain safe and that normal banking services shall continue in the new bank on Monday, 24th September 2018, to ensure customers to transact their businesses seamlessly.”

The shares of Skye Bank will be temporarily suspended on the Nigerian Stock Exchange and Polaris Bank will begin operations on Monday in all Skye Bank offices.



  1. AOA
    AOA September 21, 19:18

    I tot CBN had said the banking sector is insulated enough against bank failures. CBN should have continued to manage Skye Bank and spare unsuspecting customers another gale of suffering. This will bring a nagative multiplier effect in the banking sector.

    Reply to this comment
  2. Boss
    Boss September 21, 21:35

    In 2006 after the consolidation exercise, 3 S banks came up : Spring Bank, Skye Bank and Sterling Bank. Sterling Bank does its business quietly without noise, and they are still standing unlike Spring and Skye with so much publicity. A good market sells it’s self. Kudos to Sterling Bank

    Reply to this comment
  3. Olamilekan Sulaimon
    Olamilekan Sulaimon September 21, 21:57

    CBN and Skye Bank should resolved this matter o. Our money must not go like dat

    Reply to this comment
  4. Godwin
    Godwin September 22, 00:11

    I don’t think that it was the best moves, this will generate negative impact on the banking sector and everybody may be afraid…

    Reply to this comment
  5. Kennedy
    Kennedy January 06, 00:11

    I really missed my sky bank, preferable than this polaris of a thing

    Reply to this comment
  6. olagist
    olagist January 06, 10:48

    thank God, they even allow them to migrate to polaris bank if not, our savings might be at risk.

    Reply to this comment
  7. ProudlyTunes
    ProudlyTunes April 16, 01:18

    This bank isn’t better than others

    Reply to this comment
  8. Kwesta
    Kwesta May 04, 09:48

    Well I guess they all have a very good reason for changing names.

    Reply to this comment
    HIPTVMUSICZA May 27, 01:34

    .this is one of the worse banks I have worked with

    Reply to this comment
  10. Ayodeji David
    Ayodeji David May 28, 18:42

    the bank network self is not even good.. just dey misbehave anyhow

    Reply to this comment
  11. Kelvin
    Kelvin June 05, 07:42

    Skye bank was better, polaris is trash

    Reply to this comment
  12. Seekjam
    Seekjam June 30, 15:51

    I don’t like any of the Banks

    Reply to this comment
  13. More
    More September 04, 08:46

    Good for them and thank God their operation is now stable as polaris bank, they are getting better.

    Reply to this comment
  14. Loadedrace
    Loadedrace October 17, 05:16

    I hate this bank.

    Reply to this comment
  15. chigozie stanley
    chigozie stanley October 25, 15:39

    serious I hate this bank.

    Reply to this comment
  16. Zlatan
    Zlatan November 24, 14:04

    Well they are all of same category, so no one should boost over the other..

    Reply to this comment
  17. donsho
    donsho January 28, 08:08

    why all this rubbish

    Reply to this comment
  18. olami
    olami February 02, 09:55

    Polaris bank service is great and even better than the time of skye bank.

    Reply to this comment
  19. calm
    calm March 24, 18:47

    its a pity

    Reply to this comment
  20. bubble
    bubble March 24, 18:54

    CBN these days self.

    Reply to this comment
  21. Belamy
    Belamy March 30, 03:39

    this is not Good at all

    Reply to this comment
  22. Agogo Delight
    Agogo Delight April 29, 22:03

    All the banks are not living up to expectations

    Reply to this comment
  23. Musicpoint Africa
    Musicpoint Africa May 01, 19:05

    I Dont just like Polaris Bank at all

    Reply to this comment
  24. Themmy
    Themmy May 10, 11:41

    Banking system in Nigeria, I don’t seems to understand

    Reply to this comment
  25. Temmyweb
    Temmyweb July 18, 23:27

    I just wish for comfort

    Reply to this comment
  26. Joshua
    Joshua June 15, 19:13

    Hmmmm, Am afraid to say this might generate negative Impact

    Reply to this comment

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