CBN Further Defends Skye Bank- Neither Distressed Nor Insolvent

Insolvent

In a stark defense of Skye Bank, the Central Bank of Nigeria, CBN said Skye bank is neither distressed not insolvent.The CBN said its “attention of the Central Bank of Nigeria (CBN) 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”.

And that it it wish “to state, and emphatically so, that it has not liquidated Skye Bank or any other Deposit Money Bank for that matter. The Bank also wishes to reiterate its earlier assurance that Skye Bank is not in distress and remains a healthy bank in the Nigerian banking system”.

As a key sector of the economy, the CBN said “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. While it will be recalled that Skye Bank had corporate governance challenges, the CBN has since taken proactive steps to resolve the issues identified”.

The CBN affirmed that “the CBN is satisfied with the efforts of the new Management to reposition Skye Bank for effective service delivery. Accordingly, customers of Skye Bank and other stakeholders are advised to disregard any message purporting a liquidation of the bank.” the CBN said

Late July, the CBN said it gave a loan to Skye Bank to shore up its capital base.