Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has said the CBN invested N800 billion in the recapitalisation of now defunct Skye Bank.
While answering questions from journalists at the end of the monthly policy committee meeting in Abuja on Tuesday, in the country’s capital, Abuja, Emefiele also noted that the choice of the name ‘Polaris’ was for legal reasons and not because it sounded “sexy”.
The CBN invested about N800 billion in the bank, he noted, and as such, the bank’s name had to change in order to reflect the new ownership structure.
In consultation with the Nigerian Deposit Insurance Corporation (NDIC), a bridge bank — Polaris — was set-up for the recapitalisation, as the shareholders of Skye Bank were not able to raise the needed funds to keep the bank afloat.
Announcing the revoking of Skye Bank’s licence, Emefiele had said: “As a…
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