Nigeria’s central bank revokes license of Skye Bank

Nigeria’s central bank revokes license of Skye Bank

Nigeria’s Central Bank said it has revoked the banking license of Skye Bank, a tier 2 lender in Nigeria.

The decision was announced by Umar Ibrahim, chairman of the Nigeria Deposit Insurance Corporation (NDIC), the government agency that insures funds in deposit money banks, made this known to journalists in Lagos later today.

Skye Bank had been going through serious stress since 2016 after the Central Bank of Nigeria fired its chief executive officer as well as its chairman.

The CBN had taken over the operations of the bank by appointing new management and also injecting funds into the bank to prevent from going under. However, Skye Bank has not been up and running despite the effort of the apex bank.

For close to two years, Skye Bank has not released its financial results regularly, a signal that worries many analysts in the financial services industry.