The Nigeria Deposit Insurance Corporation (NDIC) says it’s risk assessment and forensic investigation reports revealed that the erstwhile management of the failed Skye Bank Plc contributed to its failure by engaging in insider abuse, poor corporate governance and banking malpractices.
A statement by Mr. Mohammed Kudu Ibrahim, Head, NDIC Communication and Public Affairs, yesterday, said the Managing Director/Chief Executive of the corporation, Alhaji Umaru Ibrahim, made the disclosure at the opening ceremony of the corporation’s 2018 Sensitization seminar for Federal High Court Judges in Abuja.
The statement also indicated that the NDIC and the Central Bank of Nigeria (CBN) are monitoring the investigations of law enforcement agencies instituted against the directors and management of the failed Skye Bank Plc to determine their culpability in the failure of the bank.
Speaking further, the MD/CE also informed participants that the corporation has commenced the payment of insured deposits to depositors of the 153 Microfinance and six Primary Mortgage Banks whose licenses were recently revoked by the CBN.
He stated that NDIC performs this statutory mandate by its appointment as Liquidator through a Winding Up Order granted by the Federal High Court.