The Nigerian Stock Exchange (NSE) has placed the shares of Skye Bank Plc on suspension. The bourse made this known, in a press release posted on its website.
The move according to the statement, was taken following the Central Bank of Nigeria revoking the banking license of Skye Bank and in exercise of the powers of The Exchange pursuant to the Rules on Suspension of Trading in Listed Securities, Rulebook of The Exchange (Issuers’ Rules).
The Central Bank of Nigeria (CBN) in a statement issued yesterday, disclosed that the decision was taken was following the inability of shareholders to recapitalize the bank, which was needed urgently. In addition, the apex bank could no longer afford to provide liquidity support indefinitely.
The Asset Management Company of Nigeria (AMCON) is to inject N786 billion into Polaris Bank Limited ( which has inherited the assets and liabilities of Skye Bank), and subsequently, find a new buyer.
Group Managing Director (GMD) of the Bank Adetokunbo Abiru has since written to both staff and customers of the bank on the changes.
All depositors of the defunct Skye bank are now depositors of Polaris Bank which has been fully capitalized and has the support of the CBN and NDIC.
Abiru also informed staff that they would transition to Polaris Bank Limited. The human capital management team, would communicate the transition process.
Skye Bank gained 4.15% in yesterday’s trading session to close at N0.77. 2.9 million shares valued at N2.1 million were traded in 47 deals.