SKYE BANK PARTNERS STATE GOVERNMENT ON DEVELOPMENT

The Lagos State Government has announced that it has entered into new business partnership with Skye Bank which is expected to further boost the banks’ capacity as Nigeria’s leading retail and commercial bank.

Lagos State economy with a population nearing 21 million and four million in the middle class has been described by the local and international agencies as Africa’s fifth largest economy in GDP which is estimated at about $131bn.

The State also expressed its confidence on the board, management and leadership of Skye Bank noting that the bank is safe and in good financial health.

In a circular released by the states Permanent Secretary Ministry of Finance/Accountant General A. S Umar (Mrs), and circulated to the states MDA and Local Governments, she noted that the Government of Lagos State is a major stakeholder in Skye Bank.

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She further advised Public Servants to desist from panic withdrawals as negative rumours making rounds against the bank were unfounded.

Also, the Chairman of Skye Bank Plc, Mr. M.K. Ahmad has further re-assure the bank’s customers and investors that the bank was not distressed but only had corporate governance issues under the old board.

He said the bank’s fundamentals remain strong and that it remains one of Nigeria’s leading and retail banks.

Also, the Group Managing Director/Chief Executive Officer of the bank, Mr. Tokunbo Abiru, said the management team and the board would work to achieve value enhancement for shareholders, customers and other stakeholders by bringing the cost-income ratio to acceptable levels, improve the risk assets quality and work towards increasing the liquidity and capital adequacy of the bank.