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Skye Bank employees will get fresh contract under Polaris Bank – NDIC

The Nigeria Deposit Insurance Corporation (NDIC) has announced that employees of the defunct Skye Bank Plc would be offered new contract terms under the management of Polaris Bank.

The NDIC made this known in a statement on Saturday which reads in part, “the adoption of the Bridge Bank model for the resolution Skye Bank Plc, guarantees that most of the employees of that bank will not lose their jobs and they will continue their employment with POLARIS Bank Limited under fresh contracts of employment”

The statement also added that Skye Bank customers can continue their transactions with the new Polaris Bank Limited as banking transactions have not been disrupted.

The Central Bank announced on Friday that it had revoked the operating licence of Skye Bank Plc with immediate effect.


Governor of the CBN, Mr. Godwin Emefiele, said during a press briefing in Lagos that Skye Bank would now be taken over by Polaris Bank, which would take over all the assets and liabilities of the defunct entity.


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