The management of Skye Bank today moved to dispel what it called “utter embarrassment” with our story yesterday about the voluntary resignation of the bank’s Board of Directors and some of its executive Directors.

In a statement, it denied that unethical practices and regulatory infractions were responsible for the action and the takeover of the bank by the Central Bank of Nigeria (CBN), which also appointed a new leadership for the troubled bank.

It said that Skye Bank’s total bad loan portfolio and other insider related loans as quoted in our report are grossly exaggerated and untrue, citing a statement today by the CBN governor as evidence that the bank is not in distress.  

Skye Bank did not, however, say what the correct figures are for the bad loans, but called on its customers and members of the public to disregard the “sensational story”, claiming it was “unfounded, laced with outright falsehood and simply intended to embarrass the Bank.”

SaharaReporters stands by its story.  Furthermore, we challenge the management of the bank, to publish the accurate numbers so as to demonstrate its good faith to the public.

Skye Bank logo

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