Earlier in September 2018, the Nigerian Stock Exchange (NSE) officially notified the investing public of the suspension of Skye Bank Plc shares.
NSE said in the statement that the action was taken following the regulatory action of the Central Bank of Nigeria (CBN) revoking the banking license of Skye Bank.
The exchange said that the decision was pursuant to the “Rules on Suspension of Trading in Listed Securities, Rulebook of The Exchange (Issuers’ Rules).”
CBN revoked the banking licence of the bank and transferred its assets and liabilities to a newly licensed bridge bank called Polaris Bank.
The new bank, Polaris, has since been in operation.
Several months after the suspension of the shares, the NSE on Wednesday announced the delisting of the defunct Skye Bank.
The delisting exercise followed a series of regulatory requirements necessary for the successful delisting of companies on the Nigerian bourse.
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According to the NSE rules, General Undertaking means the undertaking executed by legal entities upon admission to The Exchange’s Daily Official List and any other agreement or undertaking made pursuant to the Listings Rules.
“An Issuer that breaches any of these Rules shall be subject to sanctions, including but not limited to fines, suspension from trading, delisting from The Exchange or transfer to another board of The Exchange or public reprimand,” the rule book says.