March 30, 2023

Global News

…The News First With Us!

FAILED BANK:Skye Bank In Crisis….Can’t submit audited report as usual

2 min read
In what many  financial analysts and key watchers in the banking sub-sector of the Nigerian economy have dubbed the beginning of the end, the litany of woes currently bedeviling Skye bank have now assumed a calamitous and disheartening dimension as the bank is now struggling to stay afloat.
According to Global News inside sources, the management of the company is battling to save its face from shareholders as another “unforced error” has just been made by the seriously ill financial institution. The bank according to a source is currently doing whatever it can to avoid stiff penalties from the Central Bank of Nigeria duo to its late submission of last year’s audited report. This development we were informed has created an atmosphere of fear for Skye bank’s management as it can do without this at this particular point in time.
We also gathered that the bank has been summoned by the nation’s apex bank to come and defend itself over the delay, which according to experts carries a very stiff penalty from NDIC and CBN. Many of the big boys in the department responsible for this ugly development are now very jittery as the financial institution has just a few days left before the end of the second quarter of this year when the report must be ready according to CBN rules.
Skye bank’s internal crisis might have assumed a critical dimension with this development as many banks have already released their 2016 reports some weeks ago. Banks that have released their 2016 audited financial statement include : Zenith Bank; Access Bank; UBA; GTB; Stanbic IBTC; FCMB,FBN and Fidelity Bank.
Even though the bank which is one of the very few lenders yet to release its 2016 Audited Financial Statement for the 2016 financial year has blamed the delay on the challenges faced in the completion of the result exercise, the financial institution is now running from pillar to post in order to pacify its esteemed shareholders and other stakeholders.
And apart from this new challenge, we would recall that Skye Bank has been having serious issues for the past one year. Skye bank’s troubles began with the sacking of its entire management by AMCON which hurriedly took over the affairs of the bank well over a year ago when it was discovered it was on a downward trend and might be in complete red if care is not taken due to its huge exposure over bad loan and  financial recklessness of the management of the bank.
For some time now, staff of the bank are daily jittery because they are not sure of what will be their fate since sack is now the new name in the bank which has virtually turned to a wreck financial institution.

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