ADVERTISEMENT

Your money remains safe but Skye Bank as Polaris bank takes over

Polaris Bank has been established to assume ownership of the assets and liabilities of Skye Bank.

Nigeria's Central Bank Governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in Abuja, Nigeria May 22, 2018.

Emefiele made this known in Lagos while announcing the withdrawal of the operating license of Skye Bank.

The CBN governor made this known on Friday, September 20, 2018.

ADVERTISEMENT

Polaris Bank takes over Skye Bank

In a statement by the CBN governor, Polaris Bank has been established to assume ownership of the assets and liabilities of Skye Bank.

It was further announced that the Nigeria Deposit Insurance Corporation has injected N786bn in the new bank.

The management of the defunct bank, Skye Bank, was however retained for its good performance.

ADVERTISEMENT

The defunct Skye Bank has been on CBN’s lifeline since July 2016 and the apex bank says it can no longer continue to intervene to keep the balance liquid.

CBN fines Skye Bank N4bn over TSA

The Central Bank of Nigeria (CBN) has imposed a fine of N4 billion on Skye BankPlc for failing to render appropriate returns on accounts of some government institutions and agencies.

This is contained in a statement by Skye Bank to the Nigerian Stock Exchange (NSE).

ADVERTISEMENT

The bank said that the fine imposed by the apex bank was misdirected since it did not conceal any information of the accounts from the central bank.

Skye Bank said that significant portion of the money for which penalty was applied belonged to the state-owned energy company NNPC Pension Funds and National Assembly Legislative Aides account balances.

It said that the sum of N40 billion for which the fine was imposed on it came from NNPC account balances it had received a communication from the oil giant excepting it from the Treasury Single Account (TSA) operations.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Court discharges ex-AGF Adoke, 6 others in Malabu oil scam case

Court discharges ex-AGF Adoke, 6 others in Malabu oil scam case

Nigerians are expected to pay for TV licences — here’s what the law says

Nigerians are expected to pay for TV licences — here’s what the law says

BEDC management denies rumours of dissolution, increases revenue

BEDC management denies rumours of dissolution, increases revenue

Federal Govt set to sue Binance ltd, officials for tax evasion on April 4

Federal Govt set to sue Binance ltd, officials for tax evasion on April 4

What Nigerian law says about treatment of people with disabilities

What Nigerian law says about treatment of people with disabilities

Gambling investment is evil, will take away everything - Cleric warns youths

Gambling investment is evil, will take away everything - Cleric warns youths

All teachers need to learn digital skills to earn their students’ respect

All teachers need to learn digital skills to earn their students’ respect

Lagos lawmaker begins road construction in Yaba to ease residents' plights

Lagos lawmaker begins road construction in Yaba to ease residents' plights

Over 100 inmates in Kano seek mercy, review of death sentences

Over 100 inmates in Kano seek mercy, review of death sentences

Pulse Sports

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

Michelle Alozie: I had to do it because of African referees

Michelle Alozie: I had to do it because of African referees

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

ADVERTISEMENT
ADVERTISEMENT