But for the early intervention of the monetary authorities in Nigeria, over 6,000 employees of defunct Skye bank would have been plunged into the labour market.

One of the agencies that helped save the day was the Nigeria Deposit Insurance Corporation, NDIC and it said it saved about 949.6 billion naira of depositors’ funds.

The Managing Director of the Corporation, 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 the “bridge bank option”, adding that the corporation also saved over 6,000 jobs in 277 branches of the failed bank.

Recall that NDIC sacked the board and management of Skye Bank on September 22, changed the management and renamed the bank, Polaris.

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Ibrahim, who was represented by a Director in the corporation, Mohammed Umar, said that the bridge bank liquidation option was less disruptive to rendition of services unlike outright liquidation.

“With the bridge bank option, the depositors of the defunct Skye Bank Bank Plc are guaranteed access to their total deposits,” he said.

He said all those that contributed to the failure of the bank were being investigated by relevant law enforcement agencies to determine their levels of culpability.

“It is important to stress that while the roles of the CBN and the NDIC complement each other, a clear distinction exists in their roles in the handling of failed or failing financial institution,” Ibrahim said.

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