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Skye Bank: ‘CBN is Selective’

The leader of a major shareholder group in Nigeria has accused the Central Bank of Nigeria [CBN] of ‘selective justice’ in the take-over of Skye Bank Plc on Monday, July 4, 2016 for failing to maintain minimum levels of liquidity and capital adequacy ratios.

The shareholder group leader who insisted on strict anonymity told Business Journal in a phone conversation last night:

“Naturally, we should applaud the CBN for taking the right decision at the right time in respect of Skye Bank Plc to protect shareholders and depositors.

But my question is: Is Skye Bank the only weak bank in Nigeria today? Of course, the answer is capital NO.

It seems to me that Godwin Emefiele [CBN Governor] is now playing politics with the health of banks in Nigeria by selecting those to intervene in while letting others in more precarious situation than Skye Bank to continue to operate unhindered.”

He continued: “My brother, it is an open secret in the market that 7 or 8 banks are in weak condition and l was expecting the Emefiele hammar to fall on all of them at once.

Now-why only Skye Bank?-that is the puzzle that only Emefiele and his CBN can adequately answer.”

Business Journal
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