Skye bank liquidation: CBN fires back …Says Polaris bank to the rescue …Injects N300bn to recapitalise Skye bank

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Skye bank liquidation: CBN fires back

.Says Polaris bank to the rescue

.Injects N300bn to recapitalise Skye bank

By Our Reporters

The CBN Governor:

The Central Bank of Nigeria, CBN, has declared that the recent action taken to change the management of the defunct Skye Bank to Polaris Bank was imperative to save the bank from total collapse.  This formed part of the statement made available to Financial Business, by the Public Relations Unit of the Apex Bank.

The statement alleged, “It is quite amusing that those who ruined Skye bank are bent on denting the good work done by the regulators of our financial system”.

The statement added, “It is no longer news how defunct Skye Bank was mismanaged and had its shares completely eroded, which compelled the CBN, to move in to save Skye Bank from liquidation by changing the management team, in addition to injecting over N300billion to recapitalise the bank.”

The statement pointed out, “Then the shareholders were admonished to recapitalise the bank in earnest. Two years down the line, nothing positive had happened on the part of the shareholders, while the bank continued to live on lifeline from the CBN”

It went on, “Hence, the option of a ‘bridge’ bank being the best practice the world over was adopted recently”.

The statement emphasized, “The move was roundly applauded as not only the best option but also with seamless manner the transition was muted and discharged with depositors funds intact.”

The statement continued,  “However, the doomsday preachers have armed themselves with unfounded and baseless theories to discredit the good work done by the regulators.

“Our advice to these elements is to approach the Court for redress, if they have any case, rather than using the social media to perpetuate their evil intentions of seeing to the collapse of the bank.

“More so, it has been discovered that these are afraid of the law catching up with them in no distant future to account for their roles in the defunct Skye Bank.  Hence, they want to see to the complete end of the legacy institution out of which Polaris Bank emerged”.

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