The operating license of Skye Bank, one of Nigeria’s commercial lender banks has been revoked by the country’s apex bank, the Central Bank of Nigeria (CBN).
The Nigeria Deposit Insurance Corporation (NDIC) Chairman, Umar Ibrahim, confirmed the development to reporters on Friday.
Skye Bank was in 2016 assisted to stay afloat by the CBN with a N100 billion lifeline when it was discovered the bank was going through difficulties.
The apex bank had gone ahead to reconstitute Skye Bank’s board of directors in anticipation that the members will return it to profitability and restore the confidence of the depositors and investors.
The Tokunbo Abiru-led lender board has not been able to do so.