Panic persist as CBN reiterates healthy state of Skye Bank

FELIX OLOYEDE

Customers and investors are still anxious over the state of health of Skye Bank despite the Central Bank of Nigeria’s continued assurance that the bank is in good condition.

Last week, texts which have been circulating that the bank was about to go under after the apex sacked its board and management last month, continued, which made the CBN to run advertorials in some national newspapers and also issued a press statement, assuring Nigerians that their money is safe in Skye Bank.

Nigerians have been worried over the condition of the bank, after the CBN to change its board members and management, with some depositors engaging in panic withdrawals and investors agitated over their investment in the bank.

The apex bank in a statement signed by its acting Corporate Communications Department, Mr. Isaac Okoroafor, stated that all banks in the country are healthy, including Skye Bank.

“The attention of the Central Bank of Nigeria has been drawn to the content of a malicious 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.

“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 release stated.

It reassured that Skye Bank is not distressed 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.

“Indeed, the CBN is satisfied with the efforts of the new management to reposition Skye Bank for effective service delivery,” it further noted.

The apex advised customers of the Bank and other stakeholders to disregard any message purporting a liquidation of the bank, assuring that it did not take over the bank, but only change its management as part of measures to address some of the challenges facing the bank.

An official of the bank who does not want to be named in print, said the text messages circulating about the state of  Skye Bank was baseless as the CBN, which is the regulator of the banking sector has on different occasions given it a clean bill of health.

“Anybody can spread any information these days with the unregulated social media. This rumour must have originated from one of these social media. But I think it has stopped since the CBN reassured Nigerians that the bank is in good condition,” he explained.

He noted that bank has no other clarification to make on the issue as the apex has umpteen times stated that Skye Bank is in good state of health.

The CBN at the end of July gave Skye Bank a N100 billion lifeline to tackle its liquidity challenges.

Analysts believed the bank’s challenge was borne out of its large insiders’ loans and over exposure to the oil and gas sector, which has been adversely hit by the slump in oil prices at the international market.

The CBN replaced the board and management of Skye bank on July 4, over it failure to meet the regulator’s minimum key liquidity and capital adequacy ratios.

The apex then appointed Mr. Tokunbo Abiru as the new Group Managing Director of the bank, replacing Mr. Timothy Oguntayo.

It also appointed Mr. Muhammad Ahmad to replace Mr Olatunde Ayeni as Chairman of the board of Skye Bank.

Bayo Sanni, Idris Yakubu, Markie Idowu and Abimbola Izu were also part of the new constituted board.