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Sunday, 7 October 2018

Finance Minister Urges CBN, NDIC To Jail Indicted Management Of Defunct Skye Bank

Finance Minister Urges CBN, NDIC To Jail Indicted Management Of Defunct Skye Bank

– The Minister of Finance, Hajiya Zainab Ahmed, has asked the Central Bank of Nigeria (CBN), and Nigeria Deposit Insurance Corporation (NDIC), to fully investigate and prosecute all the Directors and Executive Management who contributed to the collapse of the defunct Skye Bank Plc as well as other Deposit Money Banks (DMBs) in liquidation.

Ahmed spoke during a familiarization visit to the Executive Management of the NDIC led by the Managing Director and Chief Executive Umaru Ibrahim.

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The Head, Communication and Public Affairs, NDIC, Mohammed Kudu Ibrahim in statement said the Minister expressed her serious concern about the spate of non-performing loans in the banking industry, adding that while the bail-out of distressed financial institutions was necessary in the interest of the stability of the banking system, emphasis should also be placed on the investigation and prosecution of delinquent Board Directors and Executive management of financial intuitions who abused the trust placed on them by depositors.

“The Minister urged the CBN and the NDIC to use the recent failure of the defunct Skye Bank Plc as an opportunity to deal decisively with any of its Directors and Management found culpable in the course of the investigations, so as to serve as a deterrent to other operators in the financial system as the federal government is no longer prepared to treat such serious infractions with levity,” the statement said.

Earlier in his welcome address, the NDIC MD/CE assured the Minister that the Corporation will do all it can to assist in the recovery of all the debts owed the defunct Skye Bank and other Banks in liquidation. He also expressed the Corporation’s determination to ensure that the Directors who perpetrated in insider abuse and other illegalities in running the affairs of the bank are investigated and prosecuted by appropriate authorities.

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