Home Business CBN Extends Support for Skye Bank by One Year

CBN Extends Support for Skye Bank by One Year

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The Central Bank of Nigeria (CBN) has extended guarantees to Skye Bank Plc for another year, while it considers the bank’s recapitalisation proposal, the mid-tier lender has said.

The CBN had last year shored up Skye Bank with N100 billion capital injection, after sacking its top management for failing to meet minimum capital requirements. The central bank then appointed a new management team.

In a newspaper advertorial on Tuesday, the bank said it had recovered N60 billion in bad loans, closed some branches and sold four subsidiaries to boost capital in the past year.

The bank was in talks with shareholders and investors last year to raise N30 billion but suspended the plans when weak oil prices hit capital markets and drove foreign investors away.

“The bank continues to require assistance from central bank and government as it repairs the damage inflicted on the institution in the past and charts a sustainable path forward for the bank,” Skye Bank said.

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