The Central Bank of Nigeria (CBN) on Friday revoked the operating licence of Skye Bank Plc with immediate effect but assured depositors of the safety of their money.

The Governor of Central Bank, Godwin Emefiele, who announced the revocation of the lender’s operations licence at a press briefing in Lagos, explained that following the regulatory action, Polaris Bank would take over all the assets and liabilities of the defunct bank, as a bridge bank.

He explained that the decision was part of the strategy to enable Asset Management Company of Nigeria (AMCON) capitalise the bridge bank and begin the process of sourcing investors to buy out AMCON.

Emefiele clarified: “By this decision, the licence of the defunct Skye Bank is hereby revoked.

“We wish to assure all depositors that under this arrangement, their 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.

“Thus, all customers of Skye Bank shall be automatic customers of the new bank and their accounts and records duly purchased by Polaris Bank”, the apex bank governor assured.