Skye Bank Not In Distress, Central Bank of Nigeria (CBN) Clarifies

The Central Bank of Nigeria has again faulted speculations that some banks in the country may be going under because they are distressed, stating that all existing banks are in safe financial condition.

The apex bank in a statement issued on Wednesday night by the Acting Director, Corporate Communications Department, Mr. Isaac Okoroafor, reiterated that neither Skye Bank whose management was removed last month nor any other bank was in distress.

It said contrary to speculations going the rounds, the funds of depositors in all the banks remained safe and there was no need for panic withdrawal by any bank customer.

The statement read in part, “The attention of the Central Bank of Nigeria has been drawn to the content of a malicious message urging customers of Skye Bank to withdraw their deposits or transfer them to other banks based   on the vile allegation that Skye Bank has been liquidated by the CBN.


“The CBN wishes to state, and emphatically so, that it has not liquidated Skye Bank or any other Deposit Money Bank for that matter.

“The CBN also wishes to reiterate its earlier assurance that Skye Bank is not in distress and remains a healthy bank in the Nigerian banking system.

“Indeed, the health of the Nigerian banking system remains strong; all banks in Nigeria are safe and depositors have no cause to fear over their deposits.”

It recalled that while Skye Bank had corporate governance challenges, the CBN had since taken proactive steps to resolve the issues identified.

“Indeed, the CBN is satisfied with the efforts of the new management to reposition Skye Bank for effective service delivery.

“Accordingly, customers of Skye Bank and other stakeholders are advised to disregard any message purporting a liquidation of the bank,” the statement concluded.