Minister wants CBN to investigate failed Skye Bank directors

The Minister of Finance, Zainab Ahmed, has directed the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation to fully investigate and prosecute all the directors and executive management members, who contributed to the collapse of the defunct Skye Bank Plc as well as other Deposit Money Banks in liquidation.

According to Punch, the minister gave the directive during her familiarisation visit to the NDIC in Abuja on Friday, according to a statement by the Head, Communication and Public Affairs of the corporation, Mohammed Ibrahim.

The Managing Director and Chief Executive, NDIC, Umaru Ibrahim, and the Executive Director, Corporate Services, Omolola Abiola-Edewor, led the executive management of the corporation to receive the minister.

Ahmed expressed serious concern about the spate of non-performing loans in the banking industry, adding that while the bailout of distressed financial institutions was necessary in the interest of the stability of the banking system, emphasis should be placed on the investigation and prosecution of delinquent board directors and executive management of financial intuitions who abused the trust reposed in 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 staff found culpable in the course of investigations, so as to serve as a deterrent to other operators in the financial system, as the Federal Government was no longer prepared to treat such serious infractions with levity.

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