Business
Just In: CBN Revokes Skye Bank’s Licence (Full Text of Press Statement)
The Central Bank of Nigeria has revoked the operating licence of Skye Bank Plc with immediate effect.
Governor of Central Bank, Godwin Emefiele, disclosed this during a press briefing in Lagos on Friday.
He said that Skye Bank would now be taken over by Polaris Bank, which would take over all the assets and liabilities of the defunct entity.
Below is full text of press statement:
Gentlemen of the Press
1. You will recall that on 4th July 2016, we took a regulatory action on
Skye bank Nigeria PLC. Specifically, this action led to the resignation of
the Chairman, all Non-Executive Directors on the Board as well as the
Managing Director, Deputy Managing Director, and the two longestserving
Executive Directors on the Management Team
2. At that time the proactive action was informed by unacceptable
corporate governance lapses as well as the persistent failure of Skye
Bank PLC to meet minimum thresholds in critical prudential and
adequacy ratios, which culminated in the bank’s permanent presence at
the CBN Lending Window.
3. The focus of the action then was to save depositors’ funds and to ensure
that the bank continued as a going concern, being a systemically
important bank. Part of our intention was also to stem the imminent job
losses to staff if a liquidation option had been adopted. These objectives
have been fully achieved and the bank has been able to meet customer
obligations, having curtailed the liquidity haemorrhage and restored
depositor confidence.
Indeed, the bank’s performance has improved considerably compared to
the pre-July 2016 era.
4. The result of our examinations and forensic audit of the bank has,
however, have revealed that the Skye bank requires urgent
recapitalisation as it can no longer continue to live on borrowed times
with indefinite liquidity support from the CBN. The shareholders of the
bank have been unable to recapitalize it.
5. As a responsible and responsive regulator and in consultation with the
Nigerian Deposit Insurance Corporation(NDIC), we have decided to
establish a bridge bank, Polaris Bank, to assume the assets and liabilities
of Skye bank. The strategy is for the Asset Management Company of
Nigeria (AMCON) to capitalize the Bridge Bank and begin the process of
sourcing investors to buy out AMCON. By this decision, the licence of the
defunct Skye Bank is hereby revoked.
6. We wish to assure all depositors that under this arrangement, their
deposits shall remain safe and that normal banking services shall
continue in the new bank on Monday, 24th September, 2018, to enable
customers to transact their businesses seamlessly.
7. Thus, all customers of Skye Bank shall be automatic customers of the
new bank and their accounts and records duly purchased by Polaris
Bank.
8. Given the good performance of the board and management, the CBN
shall retain them. In addition, all employees of Skye Bank shall be
absorbed by Polaris Bank under a new contract unless any employee
decides to opt out.
9. We wish to assure the general public that the Nigerian banking industry
remains safe and resilient and that the CBN will continue to live up to its
responsibilities of promoting stability in the banking and financial
system.
Thank you.
Godwin I. Emefiele, CON
Governor, Central Bank of Nigeria
Business
Fraud Allegations Against Us False – FirstBank
The management of First Bank of Nigeria Limited has dismissed allegations of fraud reported against it in a recent publication by an online platform, Tech Cabal, describing the claims as baseless and unsupported by evidence.
In a corporate statement titled ‘Correction of Misleading Information Regarding Fraud Allegations,’ Olayinka Ijabiyi, the Acting Group Head of Marketing and Corporate Communications, addressed the issue on behalf of the bank.
“We have been made aware of a recent publication by Tech Cabal containing allegations of fraud involving our institution. We wish to categorically state that the story is entirely unfounded and not supported by any factual evidence,” Ijabiyi stated.
The bank reaffirmed its commitment to ethical practices and transparency, urging the public to disregard the allegations. It emphasized its dedication to maintaining trust with its customers and stakeholders while upholding its longstanding reputation as a leader in Nigeria’s financial sector.
First Bank reiterated its focus on delivering reliable and trustworthy banking services, dismissing the report as misleading and lacking merit.
Business
UBA Group to Commence Full Banking Operations in France
As part of President Bola Ahmed Tinubu’s state visit to France, the Chairman of UBA Group, in the presence of President Tinubu and the President of France, Emmanuel Macron, signed a landmark business cooperation agreement with the French Finance Minister, Antoine Armand. The agreement is a significant indication of support by the French Government for the development of UBA’s full banking operations in France.
Speaking at the signing ceremony, Tony Elumelu, the Chairman of UBA Group commented: ”This partnership reinforces our commitment to seamless international banking services for our customers, not just across the 11 Francophone African countries we serve, but Africa as a whole; and French and European customers transacting with Africa. Expanding into France is a natural progression, with Paris serving as our European Union hub, as we continue to bring Africa and the world together, through innovative financial solutions. Paris will join London, New York and Dubai, as a critical component of our unique global network.”
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
Business
Built to Last: UBA Set to Empower MSMEs with Wealth Management Strategies
As part of its commitment to deepen the growth and sustainability of micro, small and medium-scale enterprises (MSMEs) on the continent, Africa’s Global Bank, United Bank for Africa (UBA) Plc, is set to host the last edition of its quarterly business series for the year.
This edition of the business series, “Profit with Purpose, Business Continuity,” will be held on Thursday, November 21st 2024, by 12 PM (noon) at the Tony Elumelu Amphitheatre, UBA House, Marina, Lagos and intending participants are expected to register via the Registration Link at https://ubagroup.zoom.us/webinar/register/WN_UG0EUWSLTZqu91jSMSih5w
The UBA Business Series is a regular seminar/workshop organised by the bank as capacity-building initiatives for small businesses, where leading business leaders and professionals share well-researched insights on relevant topics and best practices for running successful businesses, especially in a challenging business environment.
This edition seeks to showcase businesses that are resilient and have done well through generations, adapting to political and economic changes.
Renowned leaders from diverse industries, including a prominent lawyer, award winning film director, and producer, Bolanle Austen-Peters whose work has significantly impacted Nigerian Cinema, and theatre will headline this last quarter’ series. Her recent film House of GA’A has achieved a major milestone, reaching Netflix’s Global 10 list for indigenous language films.
Other prominent entrepreneurs who will be on ground to give insightful tips are, Founder and Chief Executive of Asadtek Group Limited, Ghana; Dr. James Asare-Adjei; Award winning TV Personality & Multi Media Entrepreneur, Frank Edoho, Celebrated multimedia personality, Toke Makinwa and founder of Nigeria’s pioneering indigenous premium coffee brand, Happy Coffee, Princess Adeyinka Tekena.
UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola who spoke on the upcoming workshop, said the vast knowledge and experience of the panellists, will give business owners more insight towards the importance of personal finance, wealth management and most importantly how to navigate the frailties of the harsh economy to ensure business growth.
“We know small businesses are vital to the growth and advancement of every economy, that is why at UBA, we constantly look for ways of ensuring that these business owners and operators are well-equipped to grow their businesses successfully,” he said.
“This edition provides a platform for SMEs to learn from experienced entrepreneurs who have built and sustained businesses through the decades.
“Hearing their stories and strategies will be invaluable for any business owner looking to build a lasting enterprise,” Fashola said.
Also speaking ahead of the event, UBA’s Group Head, Marketing & Corporate Communications, Alero Ladipo, noted that the business series is an invaluable learning opportunity, targeted at helping young and aspiring entrepreneurs scale up their businesses.
Ladipo further said, “At UBA, we are committed to empowering businesses of all sizes, and this business series is one way we are fulfilling that commitment.
“To this end, we have assembled an esteemed panel of speakers who will share their wealth of experience and insights on building a generational business. This is a must-attend event for anyone serious about the long-term success of their enterprise,” she said.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
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