The corporation stated this in a statement made available on Saturday and signed by the head communications and public affairs, Mohammed Kudu.

The NDIC in the statement said it has commenced the processes for its liquidation.

The statement reads in part, “the NDIC carried out the bridge bank option to resolve the Skye bank plc in order make certain that its depositors are fully protected as their deposits with Polaris bank limited remain insured under the NDIC act”.

With effect from September 24th 2018, the shares of Skye bank plc would also be suspended from trading on the Nigerian stock exchange

NSE said the decision was pursuant to the “rules on suspension of trading in listed securities”. The central bank of Nigeria on Friday revoked the banking licensee of Skye bank and transferred its assets and liabilities to a newly licensed bridge bank called Polaris bank due to failure of Skye bank to shore up the capital of the distressed bank which received a N350bn intervention in July 2016.