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Skye Bank’s 60bn Debt Recovery: Chronic Debtors, Detractors Fight Dirty







Barely a week after the earth-shaking publication in select national newspapers by Skye Bank titled: Regulatory Takeover of Skye Bank Management: One Year After, chronic debtors according to findings, have drawn the battle line with the management and leadership of the Bank.

Our investigation revealed that part of the tactics being deployed by the faceless debtors and detractors include, but not limited to, sponsored media attacks on the Bank, especially its CEO who is being alleged to have been specifically appointed and is being used by the CBN to take them down.

Consequently, the Bank’s CEO has been marked for a vicious and sustained media attack following his relentless debt recovery efforts which seems to be causing debtors’ sleepless nights.

In the July 18 advertorial, the Bank’s management resolved to be resolute and ensure that all those who committed infractions against the lender, restitute accordingly for their actions and meet their legitimate obligations to the bank. This is what seems to have riled them  necessitating the commencement of a fight back through a carefully ochestrated series of negative campaigns that would target the leadership in the days and weeks ahead.

It will be recalled that on July 4, 2016 the Central Bank of Nigeria (CBN), had intervened and re-constituted a new board and management for Skye Bank Plc., to address what it described then as the Bank’s declining prudential ratios and return the lender to sustainable profitability - with a mandate to reduce cost to income ratio - improve asset quality, improve liquidity and capital adequacy and restore profitability.

This action by the apex bank had informed the need for the new management to be resolute and firm in tackling the humongous challenges they met in the management of the institution which at the time was in a parlous state owing to the fact that many of its largest loans, taken by highly placed individuals and organisations, were non-performing; with its capital significantly eroded and liquidity impaired.

Efforts made to reach CBN and  Skye Bank  officials to react on the development met with no comment. However inside sources within the banks notes that the banks are not bothered by such attacks which are common amongst chronic debtors who often resort to social media attacks to create public sympathy of being innocent targets.

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