When the Central Bank of Nigeria (CBN) sacked the management of Skye Bank Plc in 2016 and named a new management to run the bank, the apex bank and the new managers promised that all was well with Skye Bank.
That promise however unraveled last Friday when the CBN once again intervened in the affairs of Skye Bank, this time revoking its operating license along with change of name to Polaris Bank Limited and new logo.
The next day, the retained management of the ‘NEW’ Polaris Bank issued this promise:
“Polaris Bank Limited shall continue to pay interest on all deposits in accordance with any deposit agreement formerly existing between each depositor and Skye Bank Plc. as at the date of assumption of such deposit by Polaris Bank Limited. In the event that Polaris Bank Limited seeks to make any changes to interest payable on any deposits, any such changes shall be notified in writing to each depositor and shall only take effect after a reasonable time following the giving of such notice.”
The statement was signed by Mr. Adetokunbo M. Abiru and Muhammad K. Ahmad, Group Managing Director/ CEO and Chairman, Polaris Bank Limited respectively.
However, worried customers of Skye Bank are asking one crucial question: Is the present promise by the CBN and Polaris Bank Limited genuine or fake? Or is it another ploy to keep worried customers from fleeing the bank for good before the roof finally crashes to the ground given past experiences?
