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Skye Bank Confirms It Got a N100 billion Bailout From CBN

Reuters is reporting that Skye Bank Plc received a sum of N100 billion from the Central Bank as bail out. The report claims the Central Bank lent the embattled bank the money since July 4th 2016 to help the bank shore up its operations.

Reuters quote Tokunmbo Abiru, its new Managing Director as the source. This is an official confirmation that the bank has effectively being “Nationalized” as a N100 billion injection from the CBN is about 67% the bank’s equity, which stood at about N145 billion in the 9 months ending September 2015. Analysts believe the Net Assets may have been significantly impaired by the time the bank releases its 2015 full year results as well as its first quarter 2016 results.

Last Month, the CBN accepted the resignation of the Chairman of Skye Bank along with its CEO and former directors after it confirmed that the bank had failed prudential requirements.

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