Home Business NDIC says defunct Skye Bank’s directors are under investigation
Business - November 13, 2018

NDIC says defunct Skye Bank’s directors are under investigation

Law enforcement agencies’ investigations of the defunct Skye bank’s directors and management are being monitored by the Nigeria Deposit Insurance Corporation (NDIC) and the Central Bank of Nigeria (CBN).

The Managing Director and Chief Executive of NDIC, Umaru Ibrahim, who made this known said the move is to determine their culpability in the failure of the bank.

According to the Punch, the NDIC boss said this at the opening ceremony of the Corporation’s 2018 Sensitisation seminar for Federal High Court Judges in Abuja.

The CBN had on September 22 revoked the operating licence of Skye Bank Plc.

The Governor of Central Bank, Godwin Emefiele, had while making the announcement at a press briefing in Lagos, said a bridge bank known as Polaris Bank had been created to assume the assets and liabilities of the defunct bank.

A statement from the NDIC on Monday said the Corporation’s Risk Assessment and Forensic Investigation Reports revealed that the erstwhile management of the failed Skye Bank Plc contributed to its failure by engaging in insider abuse, poor corporate governance and banking malpractices.

He added that the reports identified various malpractices such as fraudulent false accounting, manipulation of accounting records to present false profits and ratios, unlawful loan and credit facilities, non-disclosure of directors’ interests and lending beyond the single obligor limit.

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