The Central Bank of Nigeria on Friday announced that the license of Skye Bank Nigeria has been revoked with the name changed to Polaris Bank.
This created panic for those who bank with Skye Bank but the CBN also stated that the banking operations will resume today Monday, 24th September 2018 with the new name Polaris Bank.
As it is in the character of Nigerians to panic over such news, this Monday morning will not be different. However, we are bringing you what those on Social Media are saying about Skye Bank or the new Polaris Bank.
Take a look.
Has anyone been able to withdraw with their Skye Bank Cards today?
— Leo Babarinde Dasilva (@SirLeoBDasilva) September 23, 2018
Everything that was in Skye Bank (Staff, deposits) is moving to ‘Polaris Bank’ …except the $2bn of bad loans – almost half of which was to the shareholders. So if you want to ask questions – ask who is covering that hole and why
— tyro (@DoubleEph) September 21, 2018
Skye Bank is dead today not just because @DrJoeAbah moved his moneybfrom the bank, but because @AkinwunmiAmbode consciously killed it by moving the Lagos State salary acct from Skye to Access Bank to compensate his friend, that’s why Access is declaring such huge profits.
— Babaolowo N'golo Kante. 🇳🇬 (@enyola) September 22, 2018
I don't even envy Skye Bank staff this Monday morning. The kind of chaos they will be dealing with this morning ehn. Alot of uninformed customers will be coming to make panic withdrawals….. God help them.
— S.L.P (@mr_sholape) September 24, 2018
I can imagine the human traffic at all Skye bank branches this morning. -Wale Adetona
My company’s salary account is with Skye Bank. My heart has been doing gbish gbish gbish since
My company's salary account is with Skye Bank. My heart has been doing gbish gbish gbish since 😭
— Olakitike Omooba Adesewa (@Prettycrown) September 24, 2018
Another wild fact is that, as at close of business Friday, Skye Bank shares were up 54% YTD compared to the Nigerian Stock Exchange down 14.91% YTD. This can only happen in Nigeria, right? -Ugo Obi-Chukwu
Another wild fact is that, as at close of business Friday, Skye Bank shares were up 54% YTD compared to the Nigerian Stock Exchange down 14.91% YTD. This can only happen in Nigeria, right?
— Ugo Obi-Chukwu (@ugodre) September 23, 2018
— Fadaka Louis (@unclefadaka) September 24, 2018
How Nigeria’s eight largest lender, Skye bank, went from acquirer to acquiree in the space of three years, having bought Mainstreet bank in 2015 and is now being taken over by the Central bank, is sure to leave many scratching their heads. . . .… https://t.co/hMCCvLwpUk pic.twitter.com/ZjvEASjZbl
— BusinessDay Media (@BusinessDayNg) September 24, 2018
Skye Bank assets as at December 31, 2014 was 1.4trn.
September 21,2018, assets plummeted to 786Bn.
This is madness. Complete madness.
— Chidi H. Lemchi (@HLemchi) September 24, 2018
— Monsieur.Pierre (@Iam_Mavricks) September 24, 2018
The money was paid to AMCON whose largest shareholder is the CBN. From 2016 when Skye Bank was operating on life support from the CBN, it did not release any interim or audited results, yet its share price traded on the Nigerian Stock Exchange. -Ugo Obi-Chukwu
As Skye Bank has now been bought up by Polaris Bank, customers have nothing to loose. Customer's funds are safe, Skye Bank management and staff are safe. No job losses. Polaris Bank will inherit all assets and liabilities of the defunct Skye… https://t.co/Ifw8OMU8K9
— CAFON Nigeria (@CafonNg) September 24, 2018
2. On July 4, 2016, the CBN dissolved the board of Skye Bank asking all the directors of the bank to resign. The CBN then appointed an interim board and claimed then that this was not a “takeover” of the bank.
— Ugo Obi-Chukwu (@ugodre) September 23, 2018
Rebranding Skye Bank to Polaris will cos how many millions?
— Gaijin (@Muyeezus) September 24, 2018
— Proshare Nigeria (@proshare) September 24, 2018
Hakuna matata for all the depositors and staff of the defunct Skye Bank, but what about shareholders ? Do they necessarily have to write off all their investments as bad? Can we utilize the solutions I highlighted below? -Dele James
1.We begin with news of a surprise takeover of Skye Bank by the CBN. The CBN announced that it has revoked the license of the bank with immediate effect. -Ugo Obi-Chukwu
#Imo, I felt Skye bank should have been retained. Make a public announcement in regards to change of management. The cost in switching to Polaris Bank would have been put to better use…. But what do i know ?
#Imo, I felt Skye bank should have been retained.
Make a public announcement in regards to change of management.
The cost in switching to Polaris Bank would have been put to better use….
But what do i know ?
— Holluwartosin © (@Holluwartosin) September 24, 2018
3. It is interesting to note that just a year before it sacked the board of Skye Bank and injected the first N100 billion, the CBN had approved the sale of Mainstreet Bank (another bank nationalized by the CBN) to Skye Bank for about N126 billion. -Ugo Obi-Chukwu
So The Board of Skye Bank abi Polaroid remains the same?
They were appointed by CBN in 2016, and they ran the bank under. Issokay o
— Nonso (@Lifematician) September 24, 2018
— Osas Cruz (@OsasCruz) September 24, 2018
When you don’t have money 💰😆
Skye Bank or Polaris Bank
Keep my 2k safe
Don’t worry I’m not afraid 😂🤣
People like us don’t even care about your name change 🤣🤣🤣🤞🏻🏦🇳🇬#BeCurious
— EDIDEM 👑NOBLE EMMANUEL 🎥📹 (@nobledonnish) September 24, 2018
Dear Skye Bank Consumer, if the balance in your Skye Bank Account was N25,657,780.00 on Friday evening, your balance in the new Polaris Bank will be N25,657,780.00 on Monday morning. No kobo missing. Don’t panic. Your money is safe. Enjoy your weekend.
-Sola Salako Ajulo.
Tunde Ayeni killed Skye Bank. A lot of so called Nigerian billionaires borrow humongous amount of money from Banks and never pay back. One day, just one day, I would release names of borrow-pose Billionaires in Nigeria. They can’t continue to kill Banks!
— Jackson Ude (@jacksonpbn) September 22, 2018
I kept warning Skye Bank that I will move my money out of their bank because of their poor customer care. See now. I moved my money out and the bank collapsed. 😎 https://t.co/vLmwnNMitw
— Dr. Joe Abah (@DrJoeAbah) September 22, 2018
— Ebuka Akara (@ebuka_akara) September 21, 2018
Summary of what I’m hearing: Skye Bank license revoked. NDIC names bridge bank, Polaris to take over Skye’s assets and liabilities. CBN injects N186 billion to boost bank’s liquidity.
— Akin Oyebode (@AO1379) September 21, 2018
Dear Skye Bank Consumer, please don’t panic. CBN & AMCON has provided funds to honor your cheques. Your money is safe. No one is losing their job. Everything remains the same. Only the name will change to Polaris Bank.
— Sola Salako Ajulo (@purrples) September 21, 2018
Who else remembers this Skye Bank Ad????
it is forever Gold 💯💯pic.twitter.com/iRDXHJLHlj
— Awede Samuel (@SirMide) September 21, 2018
A moment of silence to our beloved Skye Bank. pic.twitter.com/XZaM8RlSbQ
— www.KRAKS.co (@KraksTV) September 22, 2018
— Channels Television (@channelstv) September 21, 2018
Polaris Bank Takes Over Skye Bank https://t.co/AfCPIPODce
— Central Bank of Nigeria (@cenbank) September 21, 2018
BREAKING NEWS: -CBN, NDIC TURN TROUBLED SKYE BANK INTO A ‘BRIDGE BANK’ -CBN: DEPOSITORS FUNDS ARE SAFE AND ASSURED -CBN INJECTING NGN186BN INTO ‘BRIDGE BANK’FOR STABILITY -EMEFIELE: CBN ENSURING MOST EMPLOYEES WON’T LOSE JOBS -Temple Asaju
Another bad luck under President Buhari.
Skye Bank license revoked.
Thats another thousands of job loss.
— Prince Adelaja (@AdelajaAdeoye) September 21, 2018
Afri Bank fold … AMCON Takes Over
AMCON Changes name to Mainstreet Bank
AMCON Sells Mainstreet Bank to Skye Bank
Skye Bank folds, AMCON Takes Over
AMCON changes Skye Bank's name to Polaris Bank
Who's next to buy … please RT buyer could be on your TL
— BeingHumanAintEnough (@realdanielemeka) September 21, 2018
Skye Bank has been changed to Polaris Bank
RT to tell someone to withdraw his/her cash!
— Starling Media (@Drizzywood) September 21, 2018
KPMG is a global network of independent professional services firms with deep expertise in the provision of audit, tax and advisory services to clients in various industries and sectors of the economy. The Firm is well represented in Nigeria and across the African continent, with the objective of providing exceptional and quality services to multinational, regional and local clients and to enhance the product offerings in certain previously under-serviced markets.
Former Finance and Co-ordinating Minister of Nigeria, Dr Ngozi Okonjo-Iweala has shared her thoughts on the recent $60 billion investments by the Chinese government during the Forum for China-Africa Cooperation (FOCAC)
In an article on Financial Times, Okonjo-Iweala shared that the debt issue for Africa is one to be worried about while adding that the investments by China “gives African countries and the African Union an opportunity to work with China to seize the initiative to establish a strong and sustainable development path.”
She also said that China is already Africa’s largest trading partner for infrastructure finance. Dr Okonjo-Iweala agrees that the investments from China will be used to establish a “network of clean, resilient infrastructure, like solar and wind farms, such as we have in Morocco, Burkina Faso and Kenya, and sustainable public transportation projects like in Ethiopia, Rwanda and Nigeria.”