The Central Bank of Nigeria will dissolve the Board of Skye
bank and partially take over the bank today. The development comes as the bank
has been deemed ‘unhealthy’
and is a measure to prevent a total collapse of the
financial institution.
Skye Bank is thought to have an estimated non-performing
loan portfolio of N700 billion, much of which is due to an overexposure in the
oil and gas sector. All the directors and executives at the bank save for three
executives who joined the bank last year have been shown the door.
It remains unclear whether the Bank will eventually be
nationalized but the Central Bank Governor, Godwin Emefiele is expected to
clear that up before the end of the week.
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