Mr. M.K. Ahmad, a former Director General of the National Pension Commission, and the new chairman of Skye Bank Plc has further re-assured the bank’s customers and investors that the bank was not distressed but only had corporate governance issues under the old board.
He said the bank’s fundamentals remain strong and that it remains one of Nigeria’s leading and retail banks.
The Group Managing Director/Chief Executive Officer of the bank, Mr. Tokunbo Abiru, also said the management team and the board would work to achieve value enhancement for shareholders, customers and other stakeholders by bringing the cost-income ratio to acceptable levels, improve the risk assets quality and work towards increasing the liquidity and capital adequacy of the bank.
Abiru described the reconstitution of the bank’s board as an intervention and not a takeover by the CBN, expressing that the lender’s fundamentals are strong.
Fears over Skye Bank’s capital problems have however spread to other banks, as it dragged the NSE Banking index to a decline of 2.62 per cent from 296.03 basis points the market opened last Monday to 288.27 basis points recorded last week Friday.
Last week, the director of banking supervision, CBN, Tokunbo Martins, said “one or two” other lenders had also failed liquidity tests, but they were not in the same situation as Skye Bank, adding that the CBN was working with them to restore their ratios.”
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