It will be noted that the apex bank revoked the license of the former Skye bank yesterday evening. The CBN governor, Godwin Emefiele said the decision had seen reached following the inability of the owners of former Skye bank to shore up the capital of the distressed bank which had earlier received a N350 billion intervention in July 2016.

He announced that the Cental bank had injected N786 billion into the bank to return it to soundness and profitability.

In a statement released yesterday, the apex bank says the former Skye Bank which would now be known as Polaris bank will continue banking activities all branches of the former Skye Bank on Monday September 24th.

“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.”CBN says