Current news on skye bank

Skye Bank is a Nigerian bank that has been in the news recently due to various issues. Here are some of the current news updates on Skye Bank:

  1. Rebranding to Polaris Bank: In July 2018, the Central Bank of Nigeria (CBN) took over the management of Skye Bank and rebranded it as Polaris Bank. The rebranding was done to save the bank from collapse due to its poor financial health.
  2. Appointment of new management: In August 2018, the CBN appointed a new management team for Polaris Bank, led by Mr. Tokunbo Abiru as the Managing Director/Chief Executive Officer.
  3. Restructuring and recapitalization: The new management team has been working to restructure the bank and raise capital to strengthen its financial position. In October 2019, the bank announced that it had raised N50 billion in fresh capital from investors.
  4. Dispute with former management: The new management team has been involved in a dispute with the former management of Skye Bank over the bank's assets and liabilities. The dispute has led to a court case, with the new management team seeking to recover assets allegedly mismanaged by the former management.
  5. Lack of transparency: There have been allegations of lack of transparency in the bank's operations, including the handling of its assets and liabilities. The bank has been accused of not providing adequate information to its customers and stakeholders.
  6. Customer complaints: There have been reports of customer complaints about the bank's services, including delays in processing transactions and difficulties in accessing their accounts.
  7. Regulatory issues: The bank has been facing regulatory issues, including a warning from the CBN in 2019 over its poor financial health and lack of compliance with regulatory requirements.
  8. Job losses: The bank has been undergoing a restructuring process, which has led to job losses among its employees. In October 2019, the bank announced that it would be laying off 400 employees as part of its restructuring efforts.
  9. Merger talks: There have been reports of merger talks between Polaris Bank and other banks in Nigeria, including the First Bank of Nigeria and the United Bank for Africa. However, no official announcement has been made on the matter.
  10. Recovery efforts: The bank has been working to recover its assets and liabilities, including the sale of some of its non-performing loans. In October 2019, the bank announced that it had recovered N10 billion from the sale of some of its non-performing loans.

These are some of the current news updates on Skye Bank, which is now known as Polaris Bank. The bank is still facing challenges, but it is working to recover and strengthen its financial position.