The Central Bank of Nigeria (CBN) on Friday evening announced the takeover of Skye Bank by Polaris Bank. However, the CBN has assured all Skye Bank's customer to not panic as all their money with the bank is still intact.

Below are the 10 basic things to know about the takeover and the way it affects you as a Skye Bank customer.


1. Skye bank’s operating licence has been withdrawn

The Central Bank of Nigeria has withdrawn the operation licence of the bank, effective Friday 21st September, 2018.

2. CBN, NDIC have established bridge bank – Polaris

The CBN, in consultation with the Nigerian Deposit Insurance Corporation (NDIC), has established a bridge bank that will survive the bank known as Polaris.
NB: A bridge bank is a bank authorised to hold the asset and liabilities of another bank, specifically an insolvent bank.

3. Polaris takes over Skye Bank

Effective Monday, all asset and liabilities of Skye Bank have been taken over by the new bridge bank, Polaris.

4. What is the fate of Skye Bank?

On the 4th of July 2016, the CBN took a regulatory action on Skye Bank Nigeria PLC, leading to the resignation of the Chairman, all Non-Executive Directors on the Board as well as the Managing Director, Deputy Managing Director, and the two longest-serving Executive Directors on the Management Team.

5. Why ‘regulatory action’?

The focus of CBN’s regulatory action then was to save depositors’ funds and to ensure that the bank continued as a going concern, being a systemically important bank. Part of the apex bank’s intention was also to stem the imminent job losses to staff if a liquidation option had been adopted.

6. What happened afterwards?

Although CBN said the bank had improved after the ‘regulatory action’, the result of its forensic audit of the bank revealed that Skye Bank requires urgent recapitalisation as it can no longer continue to live on borrowed times with indefinite liquidity support from the CBN. The shareholders of the bank have been unable to recapitalise it.

7. What’s the new strategy about?

The strategy is for the Asset Management Company of Nigeria (AMCON) to capitalise the bridge bank and begin the process of sourcing investors to buy out AMCON.

8. What happens to depositor’s money?

By the arrangement, the CBN said all depositors’ deposits shall remain safe and that normal banking services shall continue in the new bank on Monday, 24th September, 2018, to enable customers to transact their businesses seamlessly.

9. New bank, new name

By Monday, customers of Skye Bank shall be automatic customers of the new bank and their accounts and records duly purchased by Polaris Bank.

10. What about management and staff of Skye bank?

According to the CBN, given the good performance of the board and management, the CBN shall retain them. In addition, all employees of Skye Bank shall be absorbed by Polaris Bank under a new contract unless any employee decides to opt out.


More @ http://www.exlinklodge.com/2018/09/skye-bank-customers-dont-panic-10.html

I pray this will not happen to gibiti bank also

Hated that bank anyway


They look more like a microfinance bank to me.

Couldn't trust them

Hmmmm.

We can now sleep well.
There is nothing as bad as struggling to make money and then panicking about the safety of your hard earned money. Thank God the CBN and NDIC have got our backs.

Meanwhile, it is not wise to have your money sitting down in a savings account, doing nothing, when you can invest that money and make more money from treasury bills, government bonds or even mutual funds.

See HOW TO MAKE MORE MONEY BY INVESTING IN TREASURY BILLS IN NIGERIA.

.

Lemme first transfer my 50naira comot first

Hope things will flow, just the way they are on paper.

Panic keep they are entitled to their money naw

Panic kee they are entitled to their money naw

That Bank should have been purchased by obasanjo and turned into one of his poultries, could have yielded more income...

I foresaw this not quite long and told my bubby. There are 2 or 3 more banks in these category.

ThankGod my money is safe

Okay

Mr Ayeni and pa Fadeyi are still free men. These two idiots gave loans to thier companies and other frienda in the oil and gas sector without sense. As oil crash most of the companies crashed. Nonsense.

Never went close to that bank anyway. Don't know why.

Awon Oloriburuku , dem use fraud spoil their career, now they will be blaming Buhari upandan

IF
YOU
KNOW
HOW
HARD
I
WORK
FOR
MY
MONEY
IN
SKYE
BANK
YOU
WONT
BE
TELLING
ME
THIS
TRASH

GTBANK
HERE
I
COME

youngest85:
I pray this will not happen to gibiti bank also

Never.

youngest85:
I pray this will not happen to gibiti bank also

I tell you. They are one leg in, one leg out.

Thank God my money is safe

nigerian banks and mmm, pity those who keep money in them.

I still get 2k for that nonsense bank


CBN should look into bank PHB that bank shouldn't be in existence

Hello good evening. I'm an upper credit graduate of mechanical engineering technology (manufacturing option) searching for a job currently. I'm done with the compulsory nysc program, I live in ojodu Berger Lagos State. I have good interpersonal skills that will interest you if you deem it fit to go through my CV. I will be very grateful if you can make a recommendation or perhaps give me one for I am ethusiatic in giving out my best and learning more from any interested organization. Please hit me up via my mail, for I will be gladden to share a copy for good. alanamichaelsegun@gmail.com. Thank you may God bless you richly

Behind every problem, is an opportunity for Solution.

Dear Laid-off Staff of Skye Bank
Rejoice!!! says the Lord.

What the enemy thought would depress you, diminish you and destroy you, the Lord says He has made provision for your Salvation, Justification, Redemption and Restoration.

How?
And we know that all things work together for good to those who love God, to those who are the called according to His purpose. Romans 8:28

But as for you, you meant evil against me; but God meant it for good, in order to bring it about as it is this day, to save many people alive. Genesis 50:20

Cast your burden on the Lord,
And He shall sustain you;
He shall never permit the righteous to be moved.
Psalm 55:22

Come to Me, all you who labor and are heavy laden, and I will give you rest. 29 Take My yoke upon you and learn from Me, for I am gentle and lowly in heart, and you will find rest for your souls. Matthew 11:28-29


Don't focus on your bills, your spouse's impatience, your family responsibilities, your peer pressure, your loans, mortgages. No don't do that, worrying never solves any problem.

Also do not see this an the perfect time for a vacation or an additional certification. Please that will come later.

This is the perfect time to focus on God and to Learn of Christ and How He does His wonders. This is the time ask yourself, Am I truly a Child of God?
Am I living in Grace or Luck and connection?
Am I living in Favour or struggle and toiling?

This is the time to meet your Helper, Your Comforter, Your Providers Your Healer, Your Lover, Your Lord, Your King, Your Creator, Your God.

If you've met Him before, this is the time for intimacy.
No more online dating, it's time for intimate love relationship with Christ.

Know this, let this keep you going.
With God All Things Are Possible!
And so It will surely end in Praise!!!

He knows all your needs and he wants to be the one to provide them for you without you having to worry about it. The things you're chasing will start chasing you.

We tend to think that we're the ones who have been waiting for God, when truly He's the one who has been patiently waiting for us. If only we knew how special we are to Him.

31 “Therefore do not worry, saying, ‘What shall we eat?’ or ‘What shall we drink?’ or ‘What shall we wear?’ 32 For after all these things the Gentiles seek. For your heavenly Father knows that you need all these things. 33 But seek first the kingdom of God and His righteousness, and all these things shall be added to you. 34 Therefore do not worry about tomorrow, for tomorrow will worry about its own things. Sufficient for the day is its own trouble. Matthew 6:31-34

Rejoice and Sing!!!
The lines have fallen to me in pleasant places;
Yes, I have a good inheritance. Psalm 16:6

Grace, Peace, Mercy and Love to you in Jesus name. Amen.

Their backing is not strong enough.
I saw them doing promo on the street one Saturday, as in, all the staffs.. I knew something was wrong.


See my signature.

Come Monday, customers would troop in to withdraw or transfer their money.

Bad liquidity management is when you use short term fund to finance long term project.

SojiCash:
ThankGod my money is safe

Stop consoling yoursef. Oh geh meh gi vooom naya

kaorama:

I tell you. They are one leg in, one leg out.

ode! 1 leg up ni. social media tiger. if you must post anything sensitive, back it up with logic

youngest85:
I pray this will not happen to gibiti bank also

how