Cross- section of shareholders of Skye Bank Plc may have been reappraising their investments in the deposit money bank, going by the sustained tag of below listing standard on the bank by the Nigerian Stock Exchange (NSE).
The Exchange identified the companies listed on Schedule 2 as companies that fell short of the minimum listing standards in terms of timely disclosure of their audited annual financial performance and have Missed Regulatory Fillings (MRF) or Awaiting Regulatory Approval (AWR) of The Exchange in the course of the year.
Daily Times Nigeria reveals that barely 40 days to the commencement of 2018 financial year, Skye Bank was yet to file its 2016 and 2017 audited financial statements, in addition to 2016 and 2017 unaudited statements.
Skye bank is a Tier 2 bank, but systemically important enough to cause a contagion on the rest of the banking system in the event of failure.
Read more at: https://dailytimeslive.com/category/capital-market
However, the NSE x-compliance portal showed that Skye Bank was also enjoys the tag of Plc minimum regulatory filling (MRF) also for non-rendition of first Quarter Interim Report 2017, non-rendition of second quarter Interim Report 2017, non-rendition of second quarter interim report 2016 and also for non-rendition of third quarter interim Report 2016.
The Central Bank of Nigeria (CBN) endorsed Skye Bank’s bid for acquisition of Main Street Bank, (nationalized Afribank) in 2015. Skye Bank bided N126 billion to acquire the entire issued and fully paid up ordinary shares of the nationalized Bank.
To consummate its bid, Skye Bank first paid 20 per cent of its bid figure within 11 days, while it must paid the balance of 80 percent within 21 days after making the first payment.
In early July 2016, barely one year after sale of Mainstreet bank to Skye bank, the Central Bank of Nigeria (CBN) confirmed stakeholders’ fears when it sacked the board of directors of Skye Bank Plc, but systemically important enough to cause a contagion on the rest of the banking system in the event of failure.
It was almost a year ago the CBN had sanctioned the acquisition of Main Street Bank by Skye Bank Plc, the eventual merger of which took place on June 30, 2015., that the apex bank, took over the bank, and paved way for forced resignation of shareholders elected directors, for the CBN created board.
Bonny Amadi
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