NSE suspends trading on Skye Bank shares – Business

The Nigerian Stock Exchange (NSE) on Friday officially informed the investment community that Skye Bank Plc shares will be suspended from trading on September 24.

The exchange gave notice in Lagos in a statement by Mr. Olumide Orojimi, Head of Corporate Communications and Mr. Godstime iwenekhai Head, Listing Reference.

NSE said in a statement that the action was taken after a recent regulatory action by the Central Bank of Nigeria (CBN) cancellation of Skye Bank’s banking license.

The Nigeria News Agency (NAN) reports that the exchange office said the decision was made in accordance with “Rules of suspension of trading in listed securities, Rules of exchange (Rules of issuers)”.

He stated that further events would be communicated appropriately in due time.

The CBN revoked the Bank’s banking license and transferred its assets and liabilities to a newly licensed bridge bank called Polaris Bank.

Mr. Godwin Emfile, Governor of CBN, told a press conference in Lagos that the decision was caused by the inability of its shareholders to recapitalize the bank.

However, Emifele said that the goal of CBN intervention at Skye Bank on July 4, 2016 was achieved.

He said that the emphasis in this case was to save the funds of depositors and to ensure that the bank continued to remain a growing problem, being a systemically important bank.

“Part of our intention was also to stop the inevitable loss of jobs for employees, if the liquidation option was adopted.

“These goals were fully achieved, and the bank was able to fulfill the obligations of customers, reducing the hemorrhage in liquidity and restoring the trust of investors.

Indeed, the efficiency of the bank has improved significantly compared with the pre-revolutionary era until 2016 ", he said.

Emefile said that the result of the exams and the judicial audit of the bank showed that the bank required urgent recapitalization.

According to him, the bank can no longer continue to live in borrowed times with the indefinite liquidity support from the CBN.

He added that the bank’s shareholders could not recapitalize it.

“Being a responsible and responsive regulator and in consultation with the Nigerian Deposit Insurance Corporation (NDIC), we decided to create the bridge bank Polaris Bank to take over the assets and liabilities of Skye Bank.

“The strategy for the Nigeria Asset Management Company (AMCON) is to capitalize the bank of bridges and begin the process of finding investors for the buyout of AMCON,– said Amefile.

However, he assured all depositors that, by agreement, their deposits would remain safe and that on September 24, the usual banking services would continue in the new bank.

CBN Governor said that the agreement was to allow customers to carry out their activities without hindrance.

He said that all Skye Bank customers will be automatic customers of the new bank, as well as their accounts and records, properly purchased by Polaris Bank.

NAN also reports that NDIC has sold Polaris Bank Nigeria Asset Management Corporation (AMCON) with a mandate to stabilize the bank, and also return it to profitability with a view to selling it to interested investors.

Consequently, AMCON will introduce N786 billion into Polaris Bank to bring its net worth.

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