The Central Bank of Nigeria (CBN) has extended financial support for Skyebank till next year. The bank in a statement, said it was still in the process of fixing the damage of prior years. The apex bank is also weighing various recapitalization options for the bank.
Here is what is known about the bank’s recovery plans so far:
- N100 billion was injected into the bank by the CBN last year to boost its capital base.
- N60 billion bad loans have been recovered by the bank.
- Four of its local subsidiaries were sold for a total of N6.2 billion.
- The bank is in the process of divesting from its other subsidiaries.
The bank also stated that it had submitted its FY 2016 financial statements to the CBN for approval. Commercial banks in the country are currently putting finishing touches to their 2017 half- year results. The CBN had on July 4 2016, sacked the board of Skye bank. It then appointed Tokunbo Abiru as interim MD and Alhaji MK Ahmed as Chairman. Skye bank shares closed today’s trading on the Nigerian Stock Exchange (NSE) at 60 kobo, up 20% year to date.