We’ve Recovered N60bn Debt, Stabilized Assets, Skye Bank CEO Says

Skye Bank has announced the recovery of N60billion outstanding bad loans over the past one year, the bank’s Chairman and Group Managing Director, M. K Ahmad and Tokunbo Abiru has said in a statement.

According to the statement, the recovery is part of the banks aggressive recovery initiatives.

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The bank chiefs echoed the support of the Central Bank of Nigeria, CBN, after the apex bank helped it boost capital in the past year.

“The bank continues to require assistance from central bank and government as it repairs the damage inflicted on the institution in the past and charts a sustainable path forward for the bank,” the statement reads.

“We have also reached settlement and restructuring agreements with many of the chronic bad debtors resulting in substantially improved payments and prospects of future recoveries,” the bank said.

Meanwhile the CBN, has extended guarantees to Skye Bank for another year while it considers the bank’s recapitalisation proposal.

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Recall that the Apex had last year shored up Skye Bank with N100bn capital injection, constituted a new board and management for the Bank to address its declining prudential ratios and return it to sustainable profitability.

The move by the CBN was with a mandate to reduce cost to income ratio; improve asset quality; improve liquidity and capital adequacy and restore profitability.

 

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