The Nigeria Deposit Insurance Corporation (NDIC) and the Central Bank of Nigeria (CBN) are monitoring the investigations the law enforcement agencies instituted against the directors and management of the defunct Skye Bank Plc determine their culpability in the failure of the financial institution.

Managing Director and Chief Executive of the NDIC, Umaru Ibrahim, disclosed this at the opening ceremony of the corporation’s, 2018 sensitisation seminar for Federal High Court Judges in Abuja.


A statement from the corporation which was signed by its Head, Communication and Public Affairs, NDIC, Mohammed Kudu Ibrahim, quoted Ibrahim to have said the corporation’s risk assessment and forensic investigation reports had 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.

The NDIC boss noted that the corporation’s implementation of the bridge bank resolution option that established Polaris Bank Limited, which assumed the assets and liabilities of the defunct Skye Bank Plc, resulted in depositors’ unhindered access to their funds, the continuity of the operations of about 300 branches and the preservation of over 6,000 jobs.

Speaking further, the NDIC boss informed participants that the corporation has commenced the payment of insured deposits to depositors of the 153 microfinance and six Primary Mortgage Banks whose licences were recently revoked by the CBN.

He noted that the Corporation performs this statutory mandate by its appointment as Liquidator through a Winding Up Order granted by the Federal High Court.

The NDIC boss described the collaboration between the corporation and the judiciary as a valuable engagement towards the development of the financial system and the effective implementation of the corporation’s mandate.

He said the seminar for Federal High Court Judges with the theme: “Challenges to Deposit Insurance Law and Practice in Nigeria,” was specifically designed to address topical issues in bank supervision such as the regulatory framework of systematically important banks, the robustness of the legal system to facilitate criminal prosecution of bank directors and debt recovery under the failed Banks Act.

https://www.akelicious.net/2018/11/management-directors-of-defunct-skye.html

Just the same way we have been investigating other bank’s directors before now.

Everyone using depositors funds for kalo kalo must pay back

Hmmm

Do your investigation right and do the right thing.

uselessness

I just hope this investigation will be introduce in the northern part of nigeria, where a governor collects bribe for a living..

I only pity the poor workers who are at risk of losing their jobs.

When will Nigerian banks stay stable

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vastolord4:
I just hope this investigation will be introduce in the northern part of nigeria, where a governor collects bribe for a living..

WHEN THE PRESIDENT IS A LIFELESS ACCOMPLICE TO THE BABANRIGA DOLLAR BANDIT HOW WILL THEY EVER INVESTIGATE?

Yankee101:
Everyone using depositors funds for kalo kalo must pay back

see as lifeless skye bank just die

I pray they arrest that Festus Fadeyi guy that owns Pan Ocean oil who was collecting billions of naira loans because he is a director in the bank and spending it on Toke Makinwa and other frivolous things

The guy is owing Skye Bank billions of naira

Ganduje Legbegbe

please do and return all my bank charges

That should all be in jail!

Abeggi....

no financial institution is really strong in the country afterall

Bring all corrupt people to book

ikhileomotayo:
I pray they arrest that Festus Fadeyi guy that owns Pan Ocean oil who was collecting billions of naira loans because he is a director in the bank and spending it on Toke Makinwa and other frivolous things

The guy is owing Skye Bank billions of naira

Honestly, Festus Fadeyi & his Son Jason Fadeyi raped Skye Bank to Stupor, u need to see the Man's Lifestyle. I once worked with Pan Ocean & I know what I'm talking about. Festus Fadeyi is a Rogue. Let him pay back all he has Stolen. He has choice Properties all Over Victoria Island, Banana Island and Ikoyi...just to mention a few. He recently concluded his Mansion in Ikoyi Crescent which he called "London in Africa" with Underground features. All his Vehicles/Cars are Customize Bullet Proof... Sometimes one begin to wonder this Midget stay afloat with this kind of Lifestyle. If that Man Is allowed to go scot Free with All the Money he embezzled from Skye Bank, then we've no Justice system in Nigeria.

I TOT THEY SAID, THESE GUYS DID A WONDERFUL JOB

Only in a SHYTEHOLE can you read SHYTE like this!

After all the money laundering and “Gandujeneerings”?
All the advance fee fraud to politicians don hook dem for throat!
Dem don exchange Dollar to Naira at 1:1 to all the Northerners finish come smell bankruptcy ni?

Karma the sweet I tellya!

what wonders me is that the management were retained. same people that supervise it till it die were the same people that run afribank down.

as a depositor or investor one must be extremely careful if one is to bank here with same management.

B3sty:

Honestly, Festus Fadeyi & his Son Jason Fadeyi raped Skye Bank to Stupor, u need to see the Man's Lifestyle. I once worked with Pan Ocean & I know what I'm talking about. Festus Fadeyi is a Rogue. Let him pay back all he has Stolen. He has choice Properties all Over Victoria Island, Banana Island and Ikoyi...just to mention a few. He recently concluded his Mansion in Ikoyi Crescent which he called "London in Africa" with Underground features. All his Vehicles/Cars are Customize Bullet Proof... Sometimes one begin to wonder this Midget stay afloat with this kind of Lifestyle. If that Man Is allowed to go scot Free with All the Money he embezzled from Skye Bank, then we've not Justice system in Nigeria.

I really like to know more about this FADEYI guy, because am from his wife's area in ONDO State & knew how wealthy they are, but never knew ''Pan Ocean Oil'' boss is this corrupt.

researchers in the house how can I incorporate this issue in my project, my work borders on manipulation of financial statement

They should investigate them.