Nigerian lender Skye shored up by $315 mln injection from central bank – Reuters

CBN

LAGOS, July 29 (Reuters) – Nigeria’s central bank has injected more than 100 billion naira ($315 million) into Skye bank after sacking the lender’s top management this month for failing to meet minimum capital requirements, its new managing director said on Friday.

Adetokunbo Abiru also said Skye, Nigeria’s eighth-largest bank, made a pre-tax loss last year, due to oil-related bad loans and withdrawals of public sector deposits amid a government anti-corruption drive, but he did not give a figure for the loss.

That makes Skye the only Nigerian bank to make a loss in 2015, according to Reuters calculations. The central bank stepped in after depositors withdrew assets and to avert wider troubles within the banking sector as Africa’s biggest economy struggles with its worst crises for decades.

The central bank installed a new management team on July 4 with Abiru as managing director. Central bank staff had been working for two weeks inside Skye headquarters in Lagos to support the lender, Abiru told a news conference on Friday.

The bank would conduct an audit to see “what we inherited” and establish how much liquidity was needed, he said.

Read more at http://af.reuters.com/article/nigeriaNews/idAFL8N1AF6BU