However, the CBN Governor, Godwin Emefile, said depositors funds remain safe. Polaris Bank has been established to assume ownership of the assets and liabilities of the bank.
The Nigeria Deposit Insurance Corporation has injected N786bn in the new bank. The management of the defunct bank was however retained for its good performance.
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.