CBN Takes Over Skye Bank, Changes Name To Polaris Bank

Skye-bank building

The Central Bank of Nigeria (CBN) has renounced the working permit of Skye Bank Plc with prompt impact. 

The central bank's Governor, Godwin Emefiele, made this known amid a press instructions in Lagos, Nigeria's business city, on Friday. 

Emefiele said Skye Bank would now be assumed control by Polaris Bank, which would assume responsibility of the considerable number of advantages and liabilities of the old element.