Another bank
crises imminent as the Central Bank of Nigeria dissolves the Board of Skye bank
and taken over its management till a new buyer is found.
The decision
was as a result of the unhealthy state of the bank, thus forcing the CBN to
intervene in order to prevent a complete collapse of the financial institution.
The
non-performing loan of the bank is estimated to be about N700 billion, much of
this sum is as a result of an over exposure in the hydrocarbon (oil and gas)
sector.
Except for
three executives who joined the bank in 2015, all the directors and executives
have been sacked.
Managing
director of Skye Bank, Timothy Oguntayo has tendered his resignation.
There is the
possibility that CBN may hand over Skye bank to the Asset Management Company of
Niger, AMCON.
The
non-performing loan of the bank would be bought over by AMCON and put in huge
effort to recover them from the bad debtors.
No comments:
Write comments