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Published On: Tue, Oct 30th, 2018

Skye Bank’s Assets and Liabilities Taken Over by Polaris

Skye Bank’s operating license has been revoked by the Central Bank of Nigeria, which then put Polaris in the position of a bridge bank that will take over the assets and liabilities of Skye Bank. The move left many consumers fearful that their funds would be tied up and irretrievable.

Consumer fears were eased when an announcement was made that all of the funds were safe in a commercial safe.

Skye’s trading was suspended on September 24, as the central bank conducts a forensic audit and examination of the bank. Skye has been in operational turmoil since 2016, when the bank’s management was replaced.

The bank’s management will remain the same following the takeover due to the performance of management remaining strong. Polaris will have to agree to take on all workers of Skye, and all accounts and records will be purchased.

The government’s attempt to recapitalize Skye Bank fell short, leading to the bank’s license being revoked. Rumors suggest that Polaris will work to bring the bank back to profitability and will need to be repackaged. There is a three-year plan in place that is expected to bring the bank to profitability before it is sold to new private sector buyers.

All funds are safe in accordance to the NDIC Act.

photo/ screenshot YouTube

Former shareholders of Skye have lost their investments. New investors will be found that can become the new owners of the bank and help bring the financial institution back to an acceptable level of profits.

Shares were trading at 70 kobo per share at the time of the license being revoked.

Polaris Bank was given help by AMCON through a N786 billion recapitalization. Through the effort, Polaris Bank will become a government-owned entity that will not be listed on the Nigerian Stock Exchange.

Analysts praise the move, claiming that the government’s swift action has been able to help Skye Bank stay solvent while new measures can be made to save the bank. Experienced analysts are certain that the action taken by the government and the formation of Polaris Bank will move Skye in the right direction.

Skye Bank had been showing signs of being unhealthy, and fears of another 2006 financial crisis started to swirl.

Depositors are able to continue to transact with the bank without interruptions. Regulators claim that while the new management system was able to improve the bank, the sale of the company’s accounts and liabilities was a safeguard since the company remained unstable for two years.

Author: Jacob Maslow

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