The Central Bank of Nigeria (CBN) announced the withdrawal of the operating license of Skye Bank.
CBN Governor, Godwin Emefile while hinting about the decision the decision on Friday evening in Lagos noted that depositors funds remain safe, hence there is no need for panic.
The Apex Bank boss said Polaris Bank has been established to assume ownership of the assets and liabilities of Skye Bank.
“The management of the defunct bank was however retained for its good performance,”said Emefile.
He said N786b has been injected into the bank.
The CBN governor added that the Asset Management Corporation of Nigeria AMCON to commence sale process of the bank by Monday.
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