Connect with us
Gage

Business News

CBN extends the tenure of Skye Bank Board

Skye Bank announced that the CBN has renewed the mandate of the Bank’s Board of Directors.

Published

on

Skye Bank

In a notice sent to the Nigerian Stock Exchange (NSE), Skye Bank announced that the Central Bank of Nigeria (CBN) has renewed the mandate of the Bank’s Board of Directors for an additional two-year term till 30th of June 2020.

The current board was appointed on July 4, 2016, and is made up of the following individuals:

  • Muhammad K. Ahmad – Chairman
  •  Adetokunbo Abiru – Group Managing Director (GMD)/Chief Executive Officer (CEO)
  • Innocent Ike – Executive Director
  • Mohammed Abdullahi Sarki – Executive Director
  • Olu Odugbemi – Executive Director
  • Austin Jo-Madugu – Executive Director
  • Abdullahi Umar – Non-Executive Director
  • Bata Garba Wakawa – Non-Executive Director

The apex bank in April last year extended its financial support for the bank till the end of 2018. Over N100 billion has been injected into the bank.

The new management has taken stringent measures against its debtors, including reportedly writing to the Presidency for assistance in recovering funds from its former Chairman Tunde Ayeni.

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.

Specta

No word on its results

The bank, however, did not make mention of when it would release the backlog of results. It last released its results for the 12 months ended December 2015, at a period when other banks are preparing to release their half-year 2018 results.

Its most recent results for the full year ended December 2015, show the bank made interest income of N127 billion, a loss after tax of N40.7 billion.

Skye Bank closed at N0.72 in today’s trading session on the NSE, up 9.09%.  Year to date, the stock is up 44% and was one of the best performing in the banking sector from January to June.

Deal book 300 x 250

Skye Bank Plc is a product of the merger of five legacy banks as a result of the banking industry consolidation and recapitalisation exercise of 2005.

Coronation ads

The legacy banks were Prudent Bank Plc, EIB International Plc, Bond Bank Limited, Reliance Bank Limited and Co-operative Bank Plc.

Then CBN Governor, Charles Soludo moved the minimum capitalisation requirements for banks from N2 billion to N25 billion. The move led to several mergers and acquisitions in the banking industry, as well as a rush to the capital markets to raise the required funds.

In 2014, Skye bank won the bid to acquire a 100 per cent stake of Asset Management Corporation of Nigeria (AMCON) in Mainstreet Bank Limited. Mainstreet bank was the bridge bank formed from Afribank, which had its licence revoked by the CBN.

Coronation ads

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Energy

LPG: Nigerians paid more to refill 12.5kg gas cylinders in December

Nigerians paid more money to refill their 12.5Kg gas cylinder in December than they did in November 2020.

Published

on

Prices of Kerosene, Cooking Gas and Diesel

The average price for refilling 12.5kg cylinder of liquefied petroleum gas (LPG) increased by 1.75% in December compared to the month of November, according to the NBS report for December 2020.

The average cost of refilling the 12.5kg gas cylinder moved from N4,082.97 in November to N4,154.28 in December 2020.

According to the NBS report, the average price for refilling a 5kg cylinder of cooking gas increased by 0.12% month-on-month to N1,949.75 in December 2020 from N1,947.47 in November 2020.

Key highlights

  • Bauchi (N2,489.12), Borno (N2,396.69) and Adamawa (N2,392.88) recorded the highest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas in the month of December 2020.
  • Enugu (N1,563.75), Imo (N1,678.89) and Oyo (N1,691.67) recorded the lowest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas.
  • Delta (N4,838.46), Cross River/Sokoto (N4,800.00) and Akwa Ibom (N4,614.49) recorded the highest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas.
  • While, Kaduna (N3,191.67), Zamfara (N3,462.50) and Niger (N3,500.00) recorded the lowest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas.

LPG is fast becoming an alternative to firewood and kerosene as a means of cooking for most homes especially in urban areas in Nigeria. LPG is cleaner and more efficient than kerosene in cooking.

Specta
LPG should be made much more available and affordable to reduce the cost of living for most Nigerians.

Continue Reading

Coronavirus

COVID-19: FG to launch Rapid Response Register for urban poor

The FG has moved to inaugurate an emergency intervention database for the poor residing in urban centres and affected by the pandemic.

Published

on

Nigeria blows past 40,000 COVID-19 cases

The Federal Government has announced that it would inaugurate a COVID-19 Rapid Response Register (RRR), which would be a health emergency response for the poor living in urban centers that have been affected by the pandemic.

This was disclosed by Mr. Joe Abuku, Communications Manager, National Social Safety Nets Coordinating Office (NASSCO), on Sunday in Abuja.

Mr. Abuku said the register would identify Nigerians that have been made poorer due to the pandemic, targeting mainly Traders and SME Owners.

He added that the scheme was designed by the Ministry of Humanitarian Affairs, Disaster Management, and Social Development, through NASSCO, in partnership with the World Bank, and will be inaugurated by Vice President Yemi Osinbajo, on Tuesday, at Transcorp Hilton, Abuja.

What Joe Abuku is saying

  • “This register is being built by NASSCO as an expansion of the existing National Social Safety Nets Project (NASSP). It targets small business owners, street vendors, petty traders, Small and Medium Enterprises (SMEs), and service providers.
  • “Others are low wage employed individuals and families, including daily wage-based laborers, urban poor and destitute (persons with disabilities), and vulnerable families in slum areas, affected by the pandemic.
  • “The category of Nigerians who will be in this register is typically the urban/semi-urban poor engaged in the informal sectors of the economy, who lost their source of livelihood due to the impact of COVID-19 on businesses and jobs. The Federal Government plans to extend cash transfers to households in this register for a period of 12 months.”

He also stated that NASSCO would use geographical satellite sensing to locale the wards where the urban poor live, as the targeting of the poor would be done via cell phone Short Messaging Service (SMS) technology that allows residents of targeted communities register to be assisted by following simple steps using USSD codes.

Specta

The SMS approach would be integrated through data gathered by the National Living Standard Survey Assessments and would be complemented by existing databases of Non-Governmental Organisations and local self-help-support groups.

  • “Mobile phone numbers of those deemed eligible for assistance will be linked to digitized bank accounts to receive cash support, under an expanded cash transfer program of the Federal Government. These cash payments are designed to boost consumption for these households, build their resilience, and in some cases, inject fresh capital into small businesses.”

What you should know

  • Nairametrics reported last year that the World Bank said the outbreak of the coronavirus pandemic could make an additional 5 million Nigerians poor.
  • The Poverty and Shared Prosperity Report 2020 by the World Bank Group indicate that between 88 million and 115 million people could fall back into extreme poverty as a result of the COVID-19 pandemic.
  • This is in addition to an increase between 23 million and 35 million in 2021, potentially bringing the total number of new people living in extreme poverty to between 110 million and 150 million.

Continue Reading

Coronavirus

Covid-19: Nigeria needs serious controls not a second lockdown – House Committee on Education

A member of the lower legislative house has advised the government to focus on serious control measures to help prevent the spread of COVID-19.

Published

on

Professor Julius Ihonvbere, Chairman, House Committee on Basic Education & Services, said the Federal and States governments should not impose a lockdown, but rather focus on serious control measures to help prevent the spread of the coronavirus.

He disclosed this during an interview with Channels TV on Sunday evening.

  • “I do not think we need a national lockdown now, I think what we need now is the first instance is serious controls. Let me say that the Governor of Lagos is the ‘poster man’ for the fight against covid-19. If we see you outside without a mask, we will arrest you and charge you to court, that is the kind of courage we need.”

READ: Lagos state police raid night clubs, arrest 237 suspects, to face prosecution

He cited serious controls like buying hand sanitizers and washing materials to schools and urban areas in Lagos as part of the controls that should be commended.

  • “The issue is not a lockdown. If you lock people down, and you are not doing the right thing inside the lockdown, the cases will still increase. They (masses) will break it and will challenge it as they did during the first lockdown. So, the real issue is to bring out the policies and implement them.
  • “The Federal Ministry as a supervisor, yes states have the autonomy, but we give the state’s money from UBEC every year, we give them billions, what are they doing with it?

READ: African Union secures 270 million Covid-19 vaccine doses from drugmakers

Specta

He urged that the FG should investigate what States use their Universal Basic Education Funds for, as Nigeria is in a time for “retooling and repurpose” and UBEC funding should be utilized in the fight against Covid-19.

What you should know 

  • Nairametrics reported last week that the Federal Government said Nigeria is not contemplating another lockdown and urged Nigerians to ignore social media posts circulating the possibility of another lockdown.

Continue Reading
Advertisement




Advertisement