Central Bank of Nigeria (CBN) has revoked the operating licence of Skye Bank Plc with immediate effect. The apex bank’s Governor, Godwin Emefiele, made this known during a press briefing in Lagos, Nigeria’s commercial city, on Friday. Emefiele said Skye Bank would now be taken over by Polaris Bank, which would take charge of all the assets and liabilities of the defunct entity.

The CBN maintained that customers’ deposits were safe as management and members of staff will be retained under the new ownership structure. In the meantime, the share price of Skye Bank on Friday moved up 4.05 percent at 77 kobo.