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Skye Bank Saga: Why we chose Bridge Bank Option – CBN, NDIC



Skye Bank Saga - Polaris Bank Takes over

In the midst of Skye Bank Saga turbulent waves ravaging SKYE Bank PLC, Financial Regulatory Bodies CBN, NDIC has come forward with bridge bank to secure account holder’s deposits and savings

Skye Bank Saga – The Central Bank of Nigeria (CBN) on Friday revoked the operating license of Skye Bank, replacing it with Polaris Bank Limited, to ensure that normal banking transactions are not disrupted.

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The new bank, which is to commence business immediately, will take over the assets and liabilities of the now rested Skye Bank and continue to transact businesses from where its predecessor stopped.

Skye Bank Saga - Polaris Bank Overtakes Skye Bank PLC

Skye Bank Saga – Polaris Bank Overtakes Skye Bank PLC

To make certain that the interest of former customers and depositors in Skye Bank are fully protected, the financial sector insurer, the Nigerian Deposit Insurance Corporation (NDIC), also said the successor bank, Polaris, and the customers of Skye Bank remain insured under the NDIC Act.


The NDIC spokesperson, Mohammed Ibrahim, said in a statement that the adoption of the bridge bank model was equally to guarantee that most of the Skye Bank employees will not lose their jobs.

According to Ibrahim, the former Skye Bank workers will continue their employment with Polaris Bank Limited under fresh contracts and employment terms and conditions.

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“The NDIC, as deposit insurer, acted to ensure the continued safety of depositors’ funds in furtherance of the regulatory authorities resolved to proactively manage potential threats to financial system stability,” Ibrahim said.

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The shortcomings of the bank, the CBN governor said, culminated in the bank’s permanent presence at the CBN lending window.

On July 4, 2016, Emefiele said CBN took a regulatory action, which led to the resignation of the Chairman of Skye Bank, Tunde Ayeni, along with the Group Managing Director/Chief Executive Officer, Timothy Oguntayo, and all Non-Executive Directors on the board and the two longest-serving Executive Directors on the management team.

To further strengthen investors’ and depositors’ confidence in the new banking arrangement, Emefiele said the Assets Management Corporation of Nigeria (AMCON) will immediately commence the process of capitalisation of Polaris Bank Limited.

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As a first step, he said the bridge bank will receive fresh injection of about N786 billion to return it to soundness and profitability to enable its subsequent sale to credible and financially sound third party acquirers.

Meanwhile, Polaris Bank Limited Group Managing Director/CEO, Tokunbo Abiru, has pledged the commitment of the new bank to deliver on its mandate to all stakeholders, even as he expressed appreciation to customers for their patronage, support and loyalty.

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Abiru who stated this on a breakfast feature on Arise TV on Sunday, also assured customers of the old Skye Bank that, “our customers are in for a better deal with Polaris Bank…”

“Polaris is a new chapter, we are stable and alive. With strong capitalisation, liquidity, strong management and clean loan books, which are key indices for a healthy banking institution, the future could only be brighter for all our stakeholders.”


Predicting the future of Polaris, Abiru said, “our future will be hinged on strong corporate governance and with robust business operations, we’d build and enhance a sustainable enterprise that would be the pride of every stakeholder.”

Polaris also retains the experienced management team that helped repose public confidence in the old Skye Bank.

In recognition of his and his team’s sterling performance, CBN had retained Abiru and his team and extended another two-year mandate. He currently remains the Group Managing Director of Polaris Bank.

“’This means whatever money customers had in Skye Bank remains same in Polaris Bank. The only difference is the name change and investors coming on board with fresh funds into a bridge institution,’’ an industry source educates.



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Anambra Airport to Launch in April 2021



The governor of Anambra state, willie Obiano, during a visit to Sirika in Abuja, announced that the state’s cargo airport would be inaugurated in April 2021.

The Governor of Anambra state, Willie Obiano has  announced that the state’s cargo airport would be inaugurated in April 2021.

On the Anambra airport, Obiano said the facility would be set for inauguration in April 2021 and that the state would be honoured to have Sirika perform the task.

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Meanwhile, President Muhammadu Buhari, has signed the instruments of ratification of the bilateral air service agreement between Nigeria and the united states of America, India, morocco and Rwanda.

Minister of aviation, Hadi Sirika, announced this on Tuesday in a tweet via his official twitter handle.

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Air Peace Evacuates 312 Indian Citizens



312 Murtala Muhammed Airport Air peace Indian citizens

Air Peace Evacuates 312 Indian Citizens

Air Peace has evacuated 312 Indian citizens from the international wing of the Murtala Muhammed Airport (MMA), Lagos to Kochi in India. After evacuating 301 Chinese citizens on Thursday.

This is just as the government of India celebrated the first direct flight from Nigeria.

According to the verified twitter account of Indians in Nigeria, @india_nigeria, the “repatriation of India nationals from Nigeria began today (Sunday) with the Lagos-Kochi Air Peace flight with 312 passengers. It is the first ever Nigerian airline to fly directly to India.”

The Indians in Nigeria commended the Nigerian government, the Indian Embassy in Nigeria and others that made the flight a reality.


According to information from the Federal Airports Authority of Nigeria (FAAN), Air Peace flight P47812 pushed back by 1:15 am Nigerian time with 312 passengers and 15 crew members and was airborne at 1:28 am.

Air Peace in a statement said that the 10-hour non-stop flight from Lagos to Kochi was operated with a B777 aircraft with registration number 5N-BWI.

The flight, operated by 15 crew members, the airline said was expected to arrive Cochin International Airport in Kerala.

The Chief Operating Officer of the airline, Mrs. Oluwatoyin Olajide, who expressed delight over the evacuation flight, thanked the Indian authorities for engaging Air Peace to operate the flight, while also giving kudos to the Nigerian government for supporting the airline in all its special flights during the lockdown.

She added that the airline alongside other relevant government agencies ensured that all the passengers complied with established health protocols before boarding.

“It can be recalled that on Thursday, May 28, 2020, Air Peace embarked on an evacuation flight of 301 Chinese nationals and flew back 268 stranded Nigerians from China on Saturday,” the statement added.


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Air Peace evacuates 301 Chinese citizens from Nigeria



Lagos MMIA Air peace evacuated Chinese citizens

Air Peace evacuates 301 Chinese citizens from Nigeria

On Thursday night, AIR Peace evacuated Chinese citizens from Nigeria to China through the Murtala Muhammed International Airport (MMIA) Lagos at about 2205hrs.

The airline carried out the evacuation with its Boeing 777-300 with registration 5N-BWI which airlifted 301 passengers on board taking 24 crew members.

The Nigerian carrier evacuated the Chinese from Lagos to Guangzhou Baiyun International Airport, China’s most populous, commercial city.

The evacuation which was arranged by the Chinese government took off about 10: 00 pm Nigerian time and arrived at about 1:15 pm Nigerian time on Friday.

The Nigeria carrier was also the airline that evacuated Israelis living in Nigeria late March and has been contacted by other countries for evacuation operations.


Spokesman of the airline, Stanley Olisa confirmed the successful flight and said, Air Peace on Thursday, May 28, 2020, operated its second flight to China as “we evacuated 301 Chinese nationals back to their country. The flight departed the Murtala Muhammed International Airport Lagos at exactly 22:05hrs to Guangzhou Baiyun International Airport, China. Countries have been contacting us to evacuate their citizens.”

The Regional Airport Manager, South West, Federal Airports Authority of Nigeria (FAAN), Mrs. Victoria Shin-Aba said the flight: P47807 pushed back from the Echo terminal of MMIA at 21:40hrs with 325 souls onboard – 301 Chinese evacuees and 24 crew members.

She explained that all relevant government agencies like FAAN, Nigeria Immigration Service, Port Health Services officials and others were fully on ground to success of the evacuation exercise.

Air Peace is slated to carry out more evacuation operations for other nationals living in Nigeria, as the airline and other domestic operators gear up to resume scheduled flight operations soon.

There are indications that commercial flight operations would resume early June, as the Nigerian Civil Aviation Authority (NCAA) has started auditing airlines in preparation for scheduled passenger service.



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