The Central Bank of Nigeria, CBN has revoked the operating licence of Skye Bank.
Umar Ibrahim, chairman of the Nigeria Deposit Insurance Corporation (NDIC), made this known to journalists today Friday September 21st.
Umaru said the NDIC in collaboration with the Central Bank of Nigeria (CBN) has approved that a bridge bank will be established.
The former Skye Bank which has been taken over by the Assets Management Corporations of Nigeria (AMCON) will now be known as Polaris Bank.
"Consequently, Polaris Bank Limited has been issued operating license 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"The operating license of Skye Bank has been revoked by the governor of the Central Bank and the NDIC has commenced its liquidation.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."
Addressing journalists, Godwin Emefiele, CBN governor, said the bridge bank, Polaris Bank, will take on the assets and liabilities of Skye Bank.
The CBN had in July 2016, removed the former board and management of the bank.