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EXPOSED! How Skye Bank’s directors’ fraudulent activities killed the bank

The Nigeria Deposit Insurance Corporation and the Central Bank of Nigeria  has said the directors and management of the failed Skye Bank Plc are culpable in the failure of the bank.

They contributed to its failure by engaging in insider abuse, poor corporate governance and banking malpractices.

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.

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

The NDIC boss noted that the corporation’s implementation of the bridge bank resolution option that established Polaris Bank Ltd that assumed the assets and liabilities of the defunct Skye Bank Plc resulted in depositors’ unhindered access to their funds.

This, he stated, was largely responsible for the continuity of the operations of about 300 branches and the preservation of over 6,000 jobs.

 

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