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Nairaland Forum / Nairaland / General / Business / Skye Bank Gets N100bn CBN Lifeline (9756 Views)
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Skye Bank Gets N100bn CBN Lifeline by Truth234(m): 6:59am On Jul 30, 2016 |
Skye Bank Plc has received over N100bn in liquidity from the Central Bank of Nigeria since July 4 to shore up its operations, its new Managing Director, Mr. Tokunmbo Abiru, has said. http://investorsking.com/skye-bank-gets-n100bn-cbn-lifeline/ 1 Like 1 Share
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Re: Skye Bank Gets N100bn CBN Lifeline by Adesiji77: 7:15am On Jul 30, 2016 |
Nice move. The N40bn loss is a record for them though... Cc: lalasticlala, dominique, Mynd44 1 Like |
Re: Skye Bank Gets N100bn CBN Lifeline by Lexusgs430: 1:03pm On Jul 30, 2016 |
haba |
Re: Skye Bank Gets N100bn CBN Lifeline by HRich(m): 1:03pm On Jul 30, 2016 |
So that kind money dey Nigeria. 2 Likes |
Re: Skye Bank Gets N100bn CBN Lifeline by bankyblue(m): 1:03pm On Jul 30, 2016 |
n |
Re: Skye Bank Gets N100bn CBN Lifeline by steffans(m): 1:06pm On Jul 30, 2016 |
So CBN get dis kind money? Buhari pays salary slowly.. Rio Olympic athletes have gotten nothing from d FG.. I suppose! She how dey kept Keshi's family in d sun et Al.. Is d country really broke? 2 Likes 1 Share |
Re: Skye Bank Gets N100bn CBN Lifeline by Millz404(m): 1:07pm On Jul 30, 2016 |
Any which way... My small money in that bank shouldn't be played with... If not na one plasma wey i don d eye for one branch i go use screw driver go loose 14 Likes |
Re: Skye Bank Gets N100bn CBN Lifeline by ibkgab001: 1:10pm On Jul 30, 2016 |
Ok is that not HAKUNA MATATA of a thing |
Re: Skye Bank Gets N100bn CBN Lifeline by jydeskill1(m): 1:15pm On Jul 30, 2016 |
N40 billion loss in 12 months, Management team changed, 100 billion bail out, and you tell me d Bank is not distressed. Nigerians always taking for granted since 1900....... Thank God my hard earned fund is not there. 3 Likes |
Re: Skye Bank Gets N100bn CBN Lifeline by misterchris(m): 1:19pm On Jul 30, 2016 |
The skye is big enough. Full of possibilities. 5 Likes 2 Shares |
Re: Skye Bank Gets N100bn CBN Lifeline by misterchris(m): 1:20pm On Jul 30, 2016 |
Endless possibilities. 1 Like 2 Shares |
Re: Skye Bank Gets N100bn CBN Lifeline by muller101(m): 1:20pm On Jul 30, 2016 |
Millz404:ur beatings na computer go record am. 2 Likes |
Re: Skye Bank Gets N100bn CBN Lifeline by DorisK(f): 1:30pm On Jul 30, 2016 |
Tor! Ogbasaram? I have withdrawn all my reasonable money there. Let dem be doing lifeline and death race on the change I left 1 Like |
Re: Skye Bank Gets N100bn CBN Lifeline by mrvitalis(m): 1:35pm On Jul 30, 2016 |
The rich gamble with the money of the poor and when they fail the are bailed out with the money of the poor again and if they make profit The poor gets nothing When will the CBN bail out unemployed graduates with nice business plan that's fantastic employees 2 to 15 people and just need 2 million to 15 million to start?? That's 100 billion will create direct employment for over 20,000 to 50000 entrepreneurs and they can employ 150,000 to 300000 people... If this is done every year for the last 15 years I think we would then be here We need the peoples money to work for the people not for the rich 12 Likes |
Re: Skye Bank Gets N100bn CBN Lifeline by tboius(m): 1:40pm On Jul 30, 2016 |
Good move by the Regulator. This pertinent in the mood for damage control as her announcement for change in the Skye bank's management caused the panic withdrawal hence the need to hurriedly salvage the situation. For avoidance of doubt a N100b life line is an institutional credit guarantee for the bank's transaction in the money market and not a direct inflow of cash. It's still at a cost but will mean that should in case a number of depositors decide to move N100b at once from the commercial bank the CBN guarantee will allow it to pass without affecting the continuous operations of the bank. In actual fact, this is almost impossible. The direct implication is to guarantee depositors that their funds are safe with the bank which will further stem the bleeding (loss of deposit as blood of the bank). The sound health of these banks is mutually exclusive to financial and economic stability of the country. P.S: Let's I forget the situation with Skye Bank is not unconnected with the prevailing economic situation of the country , the withdrawal of public sector fund through TSA etc these also affect a few other banks in the country. From confirmed source, CBN has decided to manage the situation with other affected banks as the evolving panic that characterized that of Skye bank was not envisaged. This is a call for the DMBs to change their strategy and focus more on retail banking and other innovative banking that will stimulate economic growth, aggregate demand,employment generation and reduce the galloping inflationary rate which has reached its ever highest of about 20%. Often times the economic situation of Nigeria has defiled most economic theories, hence we have to look inwards for indigenous economists with solutions to our peculiar situation. God bless Nigeria! 11 Likes 2 Shares |
Re: Skye Bank Gets N100bn CBN Lifeline by WEWE22(f): 2:03pm On Jul 30, 2016 |
When will they bailout the masses |
Re: Skye Bank Gets N100bn CBN Lifeline by Nobody: 2:07pm On Jul 30, 2016 |
Why does Skye bank need a bailout pls? |
Re: Skye Bank Gets N100bn CBN Lifeline by tboius(m): 2:24pm On Jul 30, 2016 |
blueseacats: The lifeline, like I said earlier was not an injection of funds to the bank. It was necessary to further mitigate the consequences of massive cash withdrawals from the bank as a result of the announcement of change in the bank's management. Deposit is the blood of the commercial banks, loss of the deposit will be aneamic to their survival, therefore the life line/ window to continually allow her smooth operations, regain the lost funds, guarantee customers confidence like you and I, Dorisk, Millz404 & co and to get back to business In order to remain healthy as affirmed by CBN. The bank is one of the systemically Imporatnt Banks in Nigeria that cannot fail. This is not to say that we have banks that can fail in Nigeria as at today. The Soludo's CBN Post consolidation era in 2005-2006 has made it difficult for any bank to fail or be liquidated. 5 Likes 2 Shares |
Re: Skye Bank Gets N100bn CBN Lifeline by DorisK(f): 2:41pm On Jul 30, 2016 |
tboius: Yea, right. So they get back to biz....And if per chance they happen to still fall out of biz, What will be my lot? I will start writing letters and memo to CBN and visiting head quarters and stuff. ... or do I look for u here on Nairaland? 1 Like |
Re: Skye Bank Gets N100bn CBN Lifeline by mradjoy(m): 2:47pm On Jul 30, 2016 |
I am watching the situation in 4D as it unfolds, I'm afraid something isn't right with this bank at the moment. 1 Like |
Re: Skye Bank Gets N100bn CBN Lifeline by Nobody: 2:59pm On Jul 30, 2016 |
steffans:.......
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Re: Skye Bank Gets N100bn CBN Lifeline by Wize1: 3:27pm On Jul 30, 2016 |
tboius: Thanks for the insightful comment. Definitely learnt a thing or two. Cheers! 3 Likes 2 Shares |
Re: Skye Bank Gets N100bn CBN Lifeline by tboius(m): 4:05pm On Jul 30, 2016 |
DorisK: @DO RISK! learning is of focus on Nairaland. If you haven't taken anything from my posts, you can as well save all your kobo kobo under your mat! Certainly you can't do more than your "best".... 2 Likes 1 Share |
Re: Skye Bank Gets N100bn CBN Lifeline by tboius(m): 4:18pm On Jul 30, 2016 |
Wize1: @wise1. Your compliment is encouraging ,but your name says it all. 1 Like |
Re: Skye Bank Gets N100bn CBN Lifeline by Ndolarr: 4:24pm On Jul 30, 2016 |
The time has come for CBN to give account of all the bailouts and intervention funds it has given to various sectors of the economy! Jimoh Ibrahim says he did not benefit from the Aviation sector intervention fund, so who did? Very soon, Tunde Ayeni will deny ever receiving any bailout from CBN for Skye Bank!! A lot is wrong with our public service mentality in this country. Until a government institution like CBN is doggedly requested to account for how our money is spent, this practice of profligacy will continue un-abated!! Yet, we are sweating about high interest, inflation and exchange rates!!! More stupid spendings will soon be forced on Nigerians. Pity indeed! |
Re: Skye Bank Gets N100bn CBN Lifeline by DorisK(f): 4:31pm On Jul 30, 2016 |
tboius: definitely. so why sweating in the first place |
Re: Skye Bank Gets N100bn CBN Lifeline by yongnoble(m): 4:38pm On Jul 30, 2016 |
Not Suprised since Buhari has a sizable number of shares in the bank |
Re: Skye Bank Gets N100bn CBN Lifeline by Nobody: 6:11pm On Jul 30, 2016 |
Good |
Re: Skye Bank Gets N100bn CBN Lifeline by Wolex143: 7:08pm On Jul 30, 2016 |
Choii if NDA hear this nw them go vex o........ |
Re: Skye Bank Gets N100bn CBN Lifeline by dudet(f): 10:04pm On Jul 30, 2016 |
Abeg CBN should not say they are not aware there are two brothers of the same parents running the bank now; so how is what is going to happen if this continues different from what has happened before? Hypocrites! |
Re: Skye Bank Gets N100bn CBN Lifeline by Nobody: 1:47am On Jul 31, 2016 |
tboius:What you are describing is a typical western bank. Eg. Bank of America , wellsfargo, hsbc and co. No Nigerian bank is doing their responsibility to the economy, they give 70% of their loans to oil sector and reserve less than 30% to the real economy even the 30% they give to the real economy they give it at above 20% interest rate. The reason western countries issue bailouts to banks is so that banks can turn around and circulate the money through loan issuance so the populace can borrow and boost the economy. Now let me ask you , who they get loan for Nigeria? 1 Like |
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