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Stats: 2,115,204 members, 4,579,536 topics. Date: Tuesday, 13 November 2018 at 07:38 PM

Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC - Business - Nairaland

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Shareholders May Lose Over N10 Billion To Skye Bank’s Takeover / Skye Bank Customers Don't Panic - 10 Things To Know About Skye Bank Takeover / 2% Of Nigerians Own 90% Bank Deposits — NDIC (2) (3) (4)

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Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by akelicious(m): 4:52am On Nov 07
The Nigeria Deposit Insurance Corporation (NDIC) has said the takeover of the defunct Skye Bank PLC has been able to save more than 6,000 jobs and over NN949.60 billion in customers’ deposits as at June 2018.

The Central Bank of Nigeria (CBN) and the NDIC had in September this year withdrew the operating licence of Skye Bank and transferred its assets and liabilities to a newly licenced bank, Polaris Bank owned by the Assets Management Corporation of Nigeria (AMCON), for failure of its shareholders to recapitalise the bank.

Speaking at the NDIC special day at the ongoing International Trade Fair in Lagos, the managing director and chief executive of NDIC, Umaru Ibrahim, noted that the option of a bridge bank was reached as it is less costly to the macro economy.


Explaining that bridge bank is a temporary bank created to operate a failed bank until a buyer can be found, Umaru who was represented by the head of corporate communications, Muhammed Kudu, said the resolution option was reached as is less disruptive to rendition of bank services, unlike outright liquidation or depositors’ payoff.

“The staff are retained in the bridge bank and with this expert arrangement, Polaris was able to continue banking operations in the 277 branches of the bank, over 6,000 jobs were saved and depositors have unhindered access to deposits in excess of N949.60 billion as at June 2018,”he said.



He noted that all those that contributed to the failure of the bank are being investigated by relevant agencies of the government and would be prosecuted to serve as deterrent for others.

“As provided for in the NDIC Act 2006, When financial institutions fails, depositors of Deposit Money Banks (DMBs), Non-Interest Banks (NIBs) and Primary Mortgage Banks (PMBs) are reimbursed up to a maximum unit of N500,000, while the maximum insured coverage for depositors of MFBs is N200,000.


“However, it is important to stress that depositors who have funds in excess of the insured limits are paid dividends from the liquidation of failed banks depending on the quality of their assets and outcome of debt recoveries by the NDIC.


“The changing landscape of the Nigerian financial sector brought to fruition the broadening dimension of Mobile Money Operators (MMOs) in Nigeria. Although, this effectively altered the scope and depth of regulatory/ supervisory interventions, but the NDIC remains resolute in its determination to safeguard depositors’ funds.


“As it stands, the number of licensed MMOs by CBN is currently 23, with eight being Bank-Led and the remaining 15 Non-Bank Led. As at 2017 year end, the number of accounts in the MMOs stood at over 153 million. The NDIC provides deposit insurance coverage to subscribers of MMOS to the maximum limit of N500,000 through the Pass-Through Deposit Insurance Framework. This is to further promote financial inclusion drive across the broad spectrum of the Nigerian economy.”

https://www.akelicious.net/2018/11/skye-banks-takeover-saved-6000-jobs.html

1 Like

Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by saintjimos(m): 4:58am On Nov 07
ANYTHING TO SAVE PEOPLE'S INCOME IS RECOMMENDED

3 Likes

Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by Israel5(m): 5:25am On Nov 07
if true, commendable. Especially the job part. we can't risk job losses of such magnitude at this time.

1 Like

Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by DeRuggedProf: 6:38am On Nov 07
Diamond bank is fast looking like Skye.
Dozie keep selling assets, but bank's profitability keep diving south.... angry

2 Likes

Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by Groovenaija360(m): 6:38am On Nov 07
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Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by ihollarmide(m): 6:38am On Nov 07
So if they had not been saved by Polaris Bank, The customers' 949bn naira deposits would have vanished. huh? Just like that?Well, there is no cause for alarm as they are insured by NDIC. I trust Nigerians sha. The outrage will be more than MMM.

1 Like

Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by Jerryojozy(m): 6:41am On Nov 07
In Zenith bank I trust... In your best interest


Genius J
Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by ShitHead(m): 6:41am On Nov 07
NDIC is a life saver. God bless her.

1 Like

Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by polite2(m): 6:41am On Nov 07
Bring back our intercontinental bank
Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by moses93(m): 6:44am On Nov 07
SKYE BANK!! EXPANDING MY ASSSHHH.

2 Likes 1 Share

Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by cooldipo(m): 6:45am On Nov 07
Are you sure?
Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by cooldipo(m): 6:46am On Nov 07
Hurried and hushed takeover





Abeg see my signature and recommend
Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by CheapDataGuy: 6:50am On Nov 07
shocked
Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by Madukaele(m): 6:51am On Nov 07
hmm, thought the said is political
Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by Madukaele(m): 6:52am On Nov 07
DeRuggedProf:
Diamond bank is fast looking like Skye.
Dozie keep selling assets, but bank's profitability keep diving south.... angry

explain, which asset was sold

2 Likes

Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by tommyken(m): 6:55am On Nov 07
DeRuggedProf:
Diamond bank is fast looking like Skye.
Dozie keep selling assets, but bank's profitability keep diving south.... angry
I think he was not meant for that profession, moreover he read chemistry in school but his father who was the pioneer and founder of the bank push him to the banking sector so as to take over from him which eventually happen.

3 Likes

Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by blackmercyvelli(m): 7:03am On Nov 07
Rip skye bank
Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by nepapole(m): 7:04am On Nov 07
We wey don comot all my money teytey. I left 200 for them to buy recharge card.

3 Likes

Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by Esseite: 7:14am On Nov 07
Kudos to Soludo for reforming the banking sector to protect depositors.

1 Like

Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by stano2(m): 7:31am On Nov 07
I hope my 500naira is safe in Diamond bank.
This one i no longer sight deposit slips in the bank.
Things are hard in this country.



I sell mtn/Etisalat data.
1gb for 550
2gb for 1050
5gb for 2550naira
Check my signature for my contact
Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by odaniel1(m): 7:47am On Nov 07
The level of high-handedness by the executive directors of this bank when i was a staff, gave clear indications they were heading for a downfall. A colleague was sacked for not addressing a director's wife in an ass-licking manner.
I hope karma visits them. First to do no dey pain as much...
Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by Obierika: 8:00am On Nov 07
polite2:
Bring back our intercontinental bank

It's dead and gone!
Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by kolexy(m): 8:04am On Nov 07
tommyken:

I think he was not meant for that profession, moreover he read chemistry in school but his father who was the pioneer and founder of the bank push him to the banking sector so as to take over from him which eventually happen.

It is not about what he studied in school, but lack of good corporate governance. That's the bane of most nigerian businesses.

1 Like

Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by MycroftHolmes: 8:51am On Nov 07
S
Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by tommyken(m): 9:14am On Nov 07
kolexy:


It is not about what he studied in school, but lack of good corporate governance. That's the bane of most nigerian businesses.
But during the days of his father as the head of diamond bank the performance of the bank was far more better.
Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by Dwizeone: 9:40am On Nov 07
DeRuggedProf:
Diamond bank is fast looking like Skye.
Dozie keep selling assets, but bank's profitability keep diving south.... angry
I’m patiently waiting for their FY 2018 result, Dozie has performed poorly, it’s so glaring to all investors.
Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by mezarddinny: 9:49am On Nov 07
6k jobs? only skye bank alone?
Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by 12345baba(m): 10:10am On Nov 07
polite2:
Bring back our intercontinental bank
na access hold am . go beg them

1 Like

Re: Skye Bank’s Takeover Saved 6,000 Jobs, N949bn Deposits – NDIC by 12345baba(m): 10:14am On Nov 07
which bank person go come use?

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