July 4, 2016

Nigeria: CBN says Skye Bank not distressed

Nigeria: CBN says Skye Bank not distressed

Mr Godwin Emefiele answering questions during his screening by the Senate for Central Bank Governorship in Abuja on Wednesday

 The Central Bank of Nigeria (CBN) has refuted messages being circulated in some quarters that Skye Bank has been liquidated by the CBN.

Mr. Isaac Okorafor, the Ag. Director, Corporate Communications in a statement yesterday said the message urging customers of Skye Bank to withdraw their deposits or transfer them to other banks based on the vile allegation that Skye Bank has been liquidated by the CBN is false and malicious.

“The CBN wishes to state, and emphatically so, that it has not liquidated Skye Bank or any other Deposit Money Bank for that matter” the statement said.

“The Bank also wishes to reiterate its earlier assurance that Skye Bank is not in distress and remains a healthy bank in the Nigerian banking system. Indeed, the health of the Nigerian banking system remains strong, all banks in Nigeria are safe and depositors have no cause to fear over their deposits” it emphasized.

“While it will be recalled that Skye Bank had corporate governance challenges, the CBN has since taken proactive steps to resolve the issues identified. Indeed, the CBN is satisfied with the efforts of the new Management to reposition Skye Bank for effective service delivery” the statement noted.

Central Bank of Nigeria (CBN) had on July 4, 2016 caused the re-constitution and replacement of some members of the board of directors of Skye Bank Plc.; for alleged corporate governance and risk management infractions leading to the appointment of a new management and Board led by renowned financial technocrats, Tokunbo Abiru, as CEO and M. K. Ahmad as the Chairman