Fear Grips Skye Bank Depositors As Financial Institution Fails To Declare Account

Fear has taken residence in the minds of depositors of the Tokunbo Abiru-led Skye Bank, as the financial institution failed to submit its interim report and accounts for the period ended June 30, 2018, with the Nigerian Stock Exchange (NSE).Depositor are presently asking if their money with the bank is safe, as they try to understand why it didn’t file its report and account.
The situation is not helped by the legacies of the financial institution whose Tunde Ayeni-led board was sacked by the Central Bank of Nigeria (CBN).
Recall that prior to the sack of the Ayeni-led board the CBN noted that the financial institution frequently visited the discount window.
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With the current situation, depositor are beginning to wonder if it is not back to square one for them, as they insist that the bank would have filed its account if there were indeed no problem.
A document obtained from the NSE, unveiled Skye Bank as one of the financial institutions among other organisation likely to be penalized by the NSE.
The list of defaulting companies prepared by the NSE also included a microfinance bank, three mortgage bankers, five insurance companies, one investment management firm and 15 other firms in various non-financial sectors.
According to the document from the NSE, such default is marked out by the Exchange as a corporate governance failure, which attracts monetary fines, “naming and shaming” tag, suspension of shares from trading and delisting in incurable cases of default.
A source at the weekend confirmed that the Exchange “would apply relevant rules” in dealing with the defaulters.
The NSE regulatory deadline was on July 30. Under the rules, a late submission attracts a fine of N100,000 daily for the first 90 calendar days of non-compliance, another N200,000 per day for the next 90 calendar days and a fine of N400,000 per day thereafter until the date of submission.

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