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Skye Bank’s operating license has been revoked by the Central Bank of Nigeria, which then put Polaris in the position of a bridge bank that will take over the assets and liabilities of Skye Bank.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

On the DISPATCH: Headlines  Local  Opinion

Subscribe to Weekly Newsletter

* indicates required

About the Author

- Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

Displaying 11 Comments
Have Your Say
  1. […] in any case, is that occasionally when you are procuring resources, you cause liabilities also read this post. Except if you have money stashed away to take care of their expense, resources are regularly […]

  2. [* Shield plugin marked this comment as “trash”. Reason: Failed GASP Bot Filter Test (checkbox) *]
    […] wherever inside the house. The control focus’ centrality cannot be focused on enough and review more. These eventual the offices that view your home continually, so you have a sense of security that […]

  3. [* Shield plugin marked this comment as “trash”. Reason: Failed GASP Bot Filter Test (checkbox) *]
    […] single individuals are no pretty much defenseless to wrongdoing than those living with others and read more. The main thing is presence of mind security measures alongside realizing how to make a house or […]

  4. [* Shield plugin marked this comment as “trash”. Reason: Failed GASP Bot Filter Test (checkbox) *]
    […] The majority of the long stretches of diligent work can without much of a stretch go down the channel in the event that you become excessively smug with flame.  As referenced some time back, any homeowner can rehearse straightforward measures to maintain a strategic distance from flame from occurring. One of it is keeping a flame douser. This bit of gadget is not restricted for business utilize as it were. Any homeowner can have the benefit of keeping one. This can go about as your medical aid for mishaps. In the event that your window ornament or wrap is on fire as a result of your candles, you can quickly quench it with the utilization of this gadget.  You can likewise attempt to introduce smoke locators in your homes. Smoke is the direct marker when something is consuming. Unquestionably, on the off chance that you have such an immense house, you should need to introduce one of these gadgets in your rooms. That way, you will have some method for disturbing yourself when an approaching flame happens and click here for more information. […]

  5. [* Shield plugin marked this comment as “trash”. Reason: Failed GASP Bot Filter Test (checkbox) *]
    […] arms reach of any situated position in the restroom, including the shower and visits this site  for more information. You ought to likewise keep everything truly composed and put in a similar spot without fail. This […]

  6. [* Shield plugin marked this comment as “trash”. Reason: Failed GASP Bot Filter Test (checkbox) *]
    […] alongside other house program framework or a screen or entryway lock for wellbeing and click here for more details. This truly is unquestionably a general complete treatment for security since you will discover […]

  7. [* Shield plugin marked this comment as “trash”. Reason: Failed GASP Bot Filter Test (checkbox) *]
    […] come in standard color but if you some other color in mind then you can let the safe company know. Read more about Custom […]

  8. [* Shield plugin marked this comment as “trash”. Reason: Failed GASP Bot Filter Test (checkbox) *]
    […] or residential premises a lot more safe and secure is by installment of security sensors and click for more information about home safes. These safety sensing units find undesirable or forced entry and also inform the proprietor of the […]

  9. [* Shield plugin marked this comment as “trash”. Reason: Failed GASP Bot Filter Test (checkbox) *]
    […] that appropriates for business, family; business or federal government purposes and visits here for more details about commercial safes. These kinds of coffers do not call for the usage of an essential and you simply need to choose a […]

  10. [* Shield plugin marked this comment as “trash”. Reason: Failed GASP Bot Filter Test (checkbox) *]
    […] The first step is to get rid of as well as prevent all security risks. Make certain that your liked one can get around effortlessly. Pathways must be free from things to trip on and also furnishings need to be expanded to develop plenty of space to get around. Test out all your lights and also make certain light switches or lamps are easily available. You can never ever be as well safe, and remember that the objective is to avoid as several slips and also has a hard time as feasible and click to read more about custom safes. […]

  11. [* Shield plugin marked this comment as “trash”. Reason: Failed GASP Bot Filter Test (checkbox) *]
    […] in plain sight, using these sorts of safes will most likely fool the would-be burglar and read more about residential safes. One thing that you should never do is to inform anyone regarding the secret of your […]

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Get our Weekly Newsletter



The Global Dispatch Facebook page- click here

Movie News Facebook page - click here

Television News Facebook page - click here

Weird News Facebook page - click here