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Skye Bank: CBN’s action will ensure depositors’ funds safety – NDIC

We have fully paid all depositors of 18 failed banks – NDIC

 

The revocation of the operating licence of Skye Bank and the capitalization of Polaris Bank to take over Skye Bank’s assets and liabilities by the Central Bank of Nigeria (CBN) has been described as step in the right direction

The Nigeria Deposit Insurance Corporation (NDIC), made this known in a statement weekend, in which it assured that the intervention of the Central Bank of Nigeria (CBN) was aimed to ensure the safety of depositors’ funds.

NDIC Head of Communications and Public Affairs, Mr. Mohammed Ibrahim, in the statement, urged depositors and customers of the failed bank to continue to transact their businesses with Polaris Bank Ltd.

 

[penci_blockquote style=”style-2″ align=”none” author=””]The corporation explained that the capitalisation through Polaris Bank Ltd., with the injection of N786 billion was done by the Assets Management Corporation of Nigeria (AMCON).[/penci_blockquote]

The corporation explained that the capitalisation through Polaris Bank Ltd., with the injection of N786 billion was done by the Assets Management Corporation of Nigeria (AMCON).

It affirmed that the Bridge Bank model would allow the bank return to soundness and profitability to enable its subsequent sale to credible and financially sound third parties acquirers.

“Furthermore, the adoption of the Bridge Bank model for the resolution Skye Bank Plc., guarantees that most of the employees of that bank will not lose their jobs.

 

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“They will continue their employment with Polaris Bank Ltd., under fresh contracts of employment,” NDIC said.

NDIC assured depositors and customers of the defunct Skye Bank that their deposits were safe while encouraging them to continue to transact their normal banking business with Polaris Bank Ltd.

“The NDIC, as Deposit Insurer, acted to ensure the continued safety of depositor’s funds in furtherance of the regulatory authorities resolve to proactively manage potential threats to financial system stability,” Ibrahim stated.

The CBN had on September. 21, announced the revocation of the operating license of Skye Bank due to the inability of its shareholders to recapitalise it since 2016.

 

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