The Nigeria Deposit Insurance Corporation (NDIC) has disclosed how it saved about N949.6 billion depositors’ funds in the failed Skye Bank.
Managing Director of the Corporation, Alhaji Umaru Ibrahim, disclosed this in Benin City on Tuesday, at the opening of a workshop for financial journalists organised by the NDIC.
He said that the feat was achieved through the adoption of a “bridge bank option,” adding that the corporation also saved over 6,000 jobs in 277 branches of the failed bank.
The NDIC sacked the board and management of Skye Bank on September 22, and changed the management and renamed the bank, Polaris Bank, using bridge bank liquidation option.
Ibrahim, who was represented by a Director in the corporation, Mr. Mohammed Umar, said the bridge bank liquidation option was less disruptive to rendition of services unlike outright liquidation.