Cbn dissolves skyes bank board director takes bank 2 #

It appears that you're referring to a recent development in the Nigerian banking sector. Here's a summary of what happened:

• The Central Bank of Nigeria (CBN) dissolved the board of directors of Skye Bank Plc, a commercial bank in Nigeria.
• The CBN took over the management of the bank, effectively placing it under receivership.
• The bank's assets and liabilities were transferred to a new entity, Polaris Bank Ltd, which was incorporated by the CBN.

The decision to dissolve the board and take over the bank was reportedly taken due to the bank's poor financial performance and regulatory breaches. Skye Bank had been facing financial difficulties, including a significant decline in its capital base and a high level of non-performing loans.

The CBN's action was aimed at protecting depositors' funds and maintaining financial stability in the banking sector. The takeover was also intended to provide a fresh start for the bank, allowing it to recover and become a viable institution once again.

It's worth noting that the CBN's decision was made in consultation with the Nigerian Deposit Insurance Corporation (NDIC) and the Federal Ministry of Finance, and was implemented in accordance with the Banks and Other Financial Institutions Act (BOFIA) 1991.