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Skye Bank to Polaris Bank: What Nigerians Are Saying

The Central Bank of Nigeria on Friday announced that the license of Skye Bank Nigeria has been revoked with the name changed to Polaris Bank.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.



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 😭

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

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

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

, 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 ?

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

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.





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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.”

Okonjo-Iweala Weighs in On Chinese Investments


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