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The least tax payers expect from officers of the law is urgent and diligent prosecution of all those identified to have contributed to the demise of the bank. Specifically, there should be no recourse to our growing culture of impunity. There must therefore be serious consequences for perpetrators of the financial and economic crime that ran Skye Bank aground. The whopping N786 billion tax payers money the Asset Management Corporation of Nigeria (AMCON) is injecting into Polaris Bank to enable it to carry on with banking services is a clear evidence of the price being paid by the people. The authorities must have by now noticed that the irreversible damage done to the defunct bank by its directors, managers and other collaborators has been inflicted on all Nigerians. What precedent is being set and how can executives of banks and other important institutions be deterred from following the path of those responsible for Skye Bank’s untimely death? What consequences are there for those responsible for the failure of Skye Bank? This newspaper believes that their mere resignation from the bank is not enough. Unfortunately, they ran the bank into the murky waters and got it ruined. However, as the economy savours the birth of Polaris Bank, it is noteworthy that Skye Bank’s fate was determined by the actions and inactions of individuals entrusted with its remaining an on-going and profitable business. As CBN stressed, Skye Bank was “systematically important in the banking and finance sector.” Its outright liquidation would have had grave consequences for the Nigerian economy. Indeed, it will prevent a systemic crisis in the banking industry and of course, the economy that is struggling with serious threats of recession. That approach fostered colossal economic and social hardships, many of which still remain with us and are unlikely to disappear soon.Īs Emefiele aptly captured in his announcement, the bridge bank option would, among many other things, ensure depositors’ funds are protected and safe employees do not lose their jobs thereby worsening the unemployment situation maintaining and sustaining banking services which, will ensure customers’ and consumers’ confidence in the banking system. It is a persuasive sign that bank regulators and supervisors have learnt some significant lessons from previous bank distress resolutions, especially those of the 1990s, which centred on outright liquidation. The decision of CBN, in consultation with the NDIC, to address Skye Bank’s distress via the establishment of a bridge bank is timely and remarkable. Godwin Emefiele, the governor of CBN, who announced revocation of Skye Bank’s licence and the establishment of Polaris Bank, stated the main issues responsible for the present action of the apex regulator, thus: “the bank requires urgent recapitalisation as it can no longer continue to live on borrowed times with indefinite liquidity support from the CBN” and “the shareholders of the bank have been unable to recapitalise it.” A derivative third reason must be CBN’s unwillingness to continue to keep the bank liquid in order to operate. Then, the bank was fingered for “unacceptable corporate governance lapses ” “inability of the bank to meet critical prudential and adequacy ratios” and prolonged liquidity problems that occasioned the bank’s ceaseless dependence on CBN Lending Window to remain in operations. The intervention also brought about the appointment of a new board and management by CBN to ensure the bank’s survival. That intervention led to the resignation of the bank’s Board of Directors’ chairman, all non-executive directors, the managing director/chief executive, the deputy managing director and the two longest-serving executive directors on the management team. That Skye Bank had some challenges came to lime light in early July 2016 when CBN as a regulator, intervened in the bank.
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Sorry CBN, the details of this corporate development are still too hazy to be absorbed in this age of transparency. The nation was casually told that the new Polaris Bank had to be born to acquire the assets and liabilities of Skye Bank Nigeria Plc whose operating licence was revoked by CBN on September 21, 2018. Another bridge bank, Polaris Bank Limited, debuted in Nigeria’s banking industry the other day, courtesy of the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC).