Business
Auditors scrutinize Skye Bank’s financials
External auditors are currently examining the books of Skye Bank Plc to determine the state-of-affairs of the commercial bank, after the Central Bank of Nigeria (CBN) sacked and replaced its board and management.
The CBN had sacked the board and management of Skye Bank and appointed new directors to run the affairs of the bank.
Those affected by the whirlwinds included the chairman, Dr Olatunde Ayeni, all non executive directors, the group managing director, Mr. Timothy Oguntayo; deputy group managing director, Mrs Amaka Onwughalu and two longest-serving executive directors-Mr Dotun Adeniyi and Mrs Ibiye Ekong.
The apex bank appointed Alhaji Muhammad Ahmad, the founding director general of the National Pension Commission (Pencom), as the new chairman and Mr. Tokunbo Abiru, a former commissioner for finance in Lagos state and executive director at First Bank of Nigeria as the new group managing director.
The new management in a regulatory filing at the Nigerian Stock Exchange (NSE) indicated that it has ordered the audit of the half-year 2016 financials of the bank.
Read also: AG Leventis seeks foreign capital to stem losses
Skye Bank was previously not one of the banks that traditionally audit their accounts half-yearly.
“The Bank is currently auditing its first half 2016 results and is hopeful that the audit process would be completed soon,” the bank stated.
The new management cited the sack of the previous board and management, the challenges faced with the integration with Mainstreet Bank Limited which was approved mid-2015, the July 2016 sack of the board and management and the audit as reasons for the delay in the submission of the first quarter and second quarter results of the bank for
2016.
Skye Bank allegedly took loan from the African Export and Import Bank (Afrexim) to finance the purchase of Mainstreet Bank Limited, banking on the public accounts of the acquired banks and its Northern market.
The bank paid some N120 billion to acquire Mainstreet Bank Limited from the Asset Management Corporation of Nigeria (AMCON).
The deal has however failed to lift the bank and it has become one of the probing points.
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