Relax, Your Money Is Safe, CBN Tells Bank Customers

This was according to a statement issued on Wednesday by the apex bank’s Acting Director, Corporate Communications, Isaac Okoroafor, who said the infusion of a new Board and Management for Skye Bank Plc remains “proactive and unavoidable regulatory step to forestall the bank from falling into distress”.

The action created panic among customers across all commercial banks in the country, as speculations suggested that the takeover of Skye Bank was the first of 11 banks penciled for similar action by CBN for alleged massive breaches of financial regulations guiding their operations.

The CBN has now kicked against any form of fear, describing the infusion of a new Board and Management for Skye Bank PLC as “a proactive regulatory action meant to ensure that the bank does not continue to fail in its relevant prudential ratios,” adding that the reports are the handiwork of mischief-makers who do not mean well for the Nigerian banking system and its economy.

“The CBN wishes to reiterate in the strongest terms that these rumours and speculations are untrue and do not reflect the actual health of the individual banks and, indeed, the entire banking industry,” Mr. Okorafor said.

“For the avoidance of doubt, the infusion of a new Board and Management for Skye Bank PLC is a proactive regulatory action meant to ensure that the bank does not continue to fail in its relevant prudential ratios.

“Neither Skye Bank nor any other bank in the industry is in distress. Therefore, the CBN would like to request the general public to ignore speculations or rumours to the contrary as they could only be the handiwork of mischief makers who do not mean well for the Nigerian banking system and its economy.

“Going by both the CBN’s Examination Reports as well as analysis from market watchers, International Credit Rating Agencies, and Development Finance Institutions, the Nigerian banking industry remains strong in spite of the global economic challenges emanating from the collapse of global commodity prices,” the CBN said.

The Apex bank then urged banking public to remain calm and go about their normal businesses without panic to avoid creating problems that did not exist.