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UPDATE: Central Bank of Nigeria Withdraws Skye Bank’s License, Polaris Bank takes over

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Report says that the Central Bank of Nigeria has withdrawn the operating license of Skye Bank.



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According to TheCable, the Apex bank has revoked the license of the Skyebank to operate and report was made known to journalists by Umar Ibrahim, chairman of the Nigeria Deposit Insurance Corporation (NDIC) on Friday, September 21, 2018.

UPDATE: Following the withdrawal of the operating license of Skye Bank Plc, the Central Bank of Nigeria (CBN), in consultation with the Nigerian Deposit Insurance Corporation (NDIC), has established a bridge bank known as Polaris Bank, to assume the assets and liabilities of the defunct bank.

CBN Governor, Mr. Godwin Emefiele, who disclosed this on Friday, said the strategy was for the Asset Management Company of Nigeria (AMCON) to capitalise the bridge bank and begin the process of sourcing investors to buy out AMCON.

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Morocco Get $2.9bn Credit Line Approval from IMF

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The International Monetary Fund (IMF) has approved a $2.97 billion Precautionary and Liquidity Line (PLL) to help Morocco face unexpected economic setbacks.



The IMF said in a statement that the new PLL arrangement “will provide insurance against external shocks and support the authorities’ efforts to further strengthen the economy’s resilience and promote higher and more inclusive growth”.

The two-year credit line signed on Monday is the fourth of its kind between Morocco and the IMF.

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In 2012 the IMF approved a $6.2 billion PLL for Morocco, then in 2014 the global finance body approved another worth $5 billion, and in 2016 another $3.5 billion was approved for Rabat.

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“Morocco’s economic growth remains strong in 2018 and is expected to accelerate in the medium term, provided that external conditions improve,” the IMF said. However, the outlook remains vulnerable to adverse external risks, including increased geopolitical risks and the volatility of global financial markets, it added.

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-MEMO

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Mitsubishi exits thermal coal sector, sells stakes in Australia mines

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Japan’s Mitsubishi has said it will sell its stakes in two Australian thermal coal mines for A$750-million, a move that means its exit from upstream thermal coal amid growing pressure from environmental activists.




The stake sales comes as a growing number of companies and pension funds across the globe are divesting assets or companies that generate revenues from fossil fuels, particularly coal.

Thermal coal, used to power turbines to produce electricity, has fallen out of favour with investors worried about pollution and greenhouse gases.

Mitsubishi will sell its 31.4% stake in Clermont coal mine to a joint venture between Glencore and Sumitomo, and its 10% stake in Ulan coal mine to Glencore, it said in a statement.

The deals are aimed at optimising its asset portfolio, Mitsubishi said.

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For Mitsubishi, which decided to sell its interest in two other thermal coal mines in Australia last year, the latest deals will mean an exit from thermal coal operations, although its coking coal operation will remain a key asset for the trading house.

The Clermont deal, expected to be completed in 2019, will bring the Glencore-Sumitomo joint venture’s stake in the mine to nearly 81.5%, Sumitomo said in a separate statement.

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“The acquisition will allow us to continue stable supply of high-quality thermal coal to our existing customers, including Japanese utilities,” a Sumitomo spokesman said.

Sumitomo’s share of the Clermont purchase means it will pay about 23-billion yen for a 15.7% stake in the mine, he said.

Sumitomo has no plans to invest in any new development projects for thermal coal mines, given the serious concerns over climate change, the spokesman said.

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