The Central Bank of Nigeria (CBN), has withdrawn the operating license of Skye Bank.
Chairman of the Nigeria Deposit Insurance Corporation (NDIC) Umar Ibrahim, made the disclosure to journalists on Friday, September 21.
Skye Bank has been having it rough since Tokunbo Abiru-led lender came on board, with one crisis or the other trailing it.
One, the struggling financial institution has failed again and again, the statutory requirements to file its financials for the period ended June 30, 2018 with the Nigerian Stock Exchange (NSE).
A top management staff of the bank was once quoted to have lamented: “Of a truth, all is not well with the bank. It is really struggling to stay afloat and the new management is doing nothing about it. Though they met the problem on ground, one expects that by now things should have changed. People are resigning every day because of uncertainties showing up in every of its departments.”
On several occasions, documents emanating from the NSE indicated that the bank was awaiting penalization by the regulatory agencies for not meeting up to customer’s and investors expectations.
On July 4, 2016, the CBN had intervened in the management of Skye Bank, reconstituting the board and shoring up the bank with N100 billion capital injection.
The CBNn had also given the new board a clear mandate to turn the institution to profitability.
From feelers emanating on Friday from the NDIC, it was obvious the bank has failed completely to turn the tide in a positive way, hence the license was withdrawn.