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CBN: Your money remains safe but Skye Bank as Polaris bank takes over



Polaris Bank has been established to assume ownership of the assets and liabilities of Skye Bank. Godwin Emefile, the Governor of Central Bank of Nigeria, CBN, has said Skye Bank’s customers should not worry as their funds are safe with Polaris Bank.Emefiele made this known in Lagos while announcing the withdrawal of the operating license of Skye Bank.The CBN governor made this known on Friday, September 20, 2018.ALSO READ: CBN withdraws Skye bank’s operational licencePolaris Bank takes over Skye Bank In a statement by the CBN governor, Polaris Bank has been established to assume ownership of the assets and liabilities of Skye Bank.It was further announced that the Nigeria Deposit Insurance Corporation has injected N786bn in the new bank.The management of the defunct bank, Skye Bank, was however retained for its good performance.ALSO READ: CBN renews mandate of Skye Bank’s board of directorsThe 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.CBN fines Skye Bank N4bn over TSAThe Central Bank of Nigeria (CBN) has imposed a fine of N4 billion on Skye Bank Plc for failing to render appropriate returns on accounts of some government institutions and agencies.This is contained in a statement by Skye Bank to the Nigerian Stock Exchange (NSE).The bank said that the fine imposed by the apex bank was misdirected since it did not conceal any information of the accounts from the central bank.Skye Bank said that significant portion of the money for which penalty was applied belonged to the state-owned energy company NNPC Pension Funds and National Assembly Legislative Aides account balances.It said that the sum of N40 billion for which the fine was imposed on it came from NNPC account balances it had received a communication from the oil giant excepting it from the Treasury Single Account (TSA) operations.

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