Connect with us

NEWS

CBN Announces Tokunbo Abiru As New Skye Bank CEO As NPL Exceeds 5% Threshold

Published

on

The Central Bank of Nigeria (CBN) has announced Tokunbo Abiru as the new Chief Executive Officer of Skye bank, who now bears the huge burden of turning around the bank’s huge liquidity challenge and quickly save it from collapse. CBN’s announcement is coming shortly after Timothy Oguntayo, resigned just ahead of a Central Bank pronouncement on Monday over capital adequacy issues.

CBN governor Godwin Emefiele, who announced the new appointment and confirmed Oguntayo’s resignation said that Skye Bank carries quite some huge bad assets that saw the Non-Performing Loans exceeding the allowed 5 percent threshold.

Earlier reports said Skye Bank was thought to have an estimated non performing loan portfolio of N700 billion, much of which is due to an overexposure in the oil and gas sector.

More of the banks were feared to be in same tight liquidity issues but Emefiele, addressing a press conference on the latest development Monday afternoon doused the fears, saying the apex bank was yet to find any other bank in such dire situation.

The Nigeria Deposit Insurance Corporation (NDIC) disclosed recently that Deposit Money Banks’ NPLs reached 4.87 percent in 2015, a situation currently raising concerns around quality of assets in the industry, even though though still within the regulatory threshold of 5 percent.

In its 2015 Annual Report, NDIC had said the industry’s loans and advances to the Nigerian economy stood at ₦13.33 trillion in 2015, indicating some 5.56 percent increase over the ₦12.63 trillion reported in 2014.

“The non-performing loans to total loans ratio for the industry increased from 2.81% in 2014 to 4.87% in 2015, but was within the regulatory threshold of 5%,” the Corporation noted in a mailed summary report.

Governor Emefiele, told journalists that the CBN had been discussing with the Oguntayo’s led management on the need to quickly reverse the huge bad assets which they were practically unable to do till he exited as the bank’s CEO. Oguntayo, led Skye Bank to acquire nationalised lender Mainstreet Bank in 2014,

Emefiele said the CBN hopes the new management would be able to salvage the bank from collapse, explains the reasons from the new appointment.

Skye Bank, a Nigerian based commercial bank and one of the twenty-six (26) commercial banks licensed by the CBN is a large financial services provider in West Africa and Central Africa. With headquarters in Nigeria, the bank maintains subsidiaries in Sierra Leone, the Gambia, the Republic of Guinea, Liberia, Angola and Equatorial Guinea.

As at December 2014, the bank had grown its loan portfolio by 18.4% and saw its assets hit N1.42 trn

The bank’s loans and advances grew from N549.9 billion in 2013 to N651.3 billion in 2014. Specifically, Skye Bank recorded total assets of N1.42 trillion, representing a 26.8 per cent growth over the N1.12 trillion recorded during the corresponding period in 2013.

 

 

 

 

 

Source: businessday.online.com

Photo Credit: businessday.online.com

 

EVENTS

Nigeria Selects “Mai Martaba” As International Feature Film (IFF) Contender For 2025 Oscars

Published

on

Mai Martaba as international feature film contender | fab.ng

The Nigerian Official Selection Committee has selected the epic Hausa film, Mai Martaba as its contender for the International Feature Film (IFF) category at the 97th Academy Awards. The Committee announced in an official statement that they selected the film to contend for the Oscars because of its theme and visual appeal.

Continue Reading

MUSIC

Don Jazzy Announces Tega Oghenejobo As The New President Of Mavin Records

Published

on

Tega Oghenejobo As The New President Of Mavin Records | fab.ng

On Tuesday, October 29, 2024, Michael Collins Ajereh, the visionary founder of Mavin (Records) Global, better known by his stage name Don Jazzy, announced a significant expansion within the company. He announced Tega Oghenejobo as the new president of Mavin Records.

Tega has been an integral part of Mavin’s journey. Now, his position as President has elevated his status in the company. In addition, he has been in the existing role of Chief Operating Officer (COO).

Don Jazzy expressed his admiration for Tega’s passion and resilience. He acknowledged his ability to spot these qualities in Tega from the early stages of their professional relationship.

He said,

I’m proud to announce @TEGAMAVIN expanded role as President and COO of Mavin. I am often praised for being able to spot and raise superstars, but I can proudly say the most genius thing I have done in my life was being able to spot the passion and resilience in Tega.”

“From the early days, I’ve watched him be curious about the business, build teams, develop executives, and ensure our talents have sustainable careers from the start. His commitment to growing Mavin and shaping the future of African music has been relentless, and I’m confident that with him in this role, we’ll continue to break new ground and achieve even bigger milestones for our artists and company,” he added.

Accepting the appointment gracefully, Tega Oghenejobo said,

“I’m honored to step into this new role as President & COO of Mavin Records. It means embracing new challenges, setting new goals, and reaching new heights. Thank you, Supreme Leader @donjazzy, for your unwavering belief and trust in me to lead the Mavin team.”

Check here for more updates.

Continue Reading

BUSINESS

Moniepoint Reaches African Unicorn Status With $110 Million Funding Boost

Published

on

Moniepoint reaches African unicorn status | fab.ng

Moniepoint Inc., a leading fintech company in Africa, has successfully raised $110 million in equity financing. This is to power the dreams of millions of businesses and their customers across the continent and the diaspora.

The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund. It is a premier fund focused on Africa.

Additionally, new investors joined the funding round. This includes a leading African private equity firm, Google’s Africa Investment Fund and Verod Capital. Existing investor, Lightrock, a global impact firm, also participated.

Tosin Eniolorunda and Felix Ike founded Moniepoint (formerly known as TeamApt) in 2015. Initially, it focused on providing infrastructure and payment solutions for banks and financial institutions. It has since grown into Nigeria’s leading business banking provider, trusted by millions of businesses.

The capital raised will be used to accelerate growth for Moniepoint across Africa.

Further, that entails building an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions.

Moniepoint’s exceptional contributions to Nigeria’s financial services sector have been widely acknowledged, along with its enviable track record of serving customers across Africa.

Each month, Moniepoint processes over 800 million transactions, with a monthly total value exceeding $17 billion, all while operating profitably.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., expressed his excitement about the successful funding round and the company’s plans to expand its offerings and reach across the African continent.

Continue Reading

Latest

Tips For Blending Lipstick Colours Perfectly | fab.ng Tips For Blending Lipstick Colours Perfectly | fab.ng
BEAUTY25 mins ago

5 Pro Tips For Blending Lipstick Colours Perfectly

In the world of makeup, nothing makes a statement like lip colour. But why stick to a single shade when...

The Tallest Building In Nigeria | fab.ng The Tallest Building In Nigeria | fab.ng
ARTS & CULTURE2 hours ago

Here’s The Tallest Building In Nigeria

The tallest buildings often shape a city’s skyline, and Lagos, Nigeria’s bustling metropolis, proudly showcases this in its towering structures....

Mai Martaba as international feature film contender | fab.ng Mai Martaba as international feature film contender | fab.ng
EVENTS3 days ago

Nigeria Selects “Mai Martaba” As International Feature Film (IFF) Contender For 2025 Oscars

The Nigerian Official Selection Committee has selected the epic Hausa film, Mai Martaba as its contender for the International Feature...

Tega Oghenejobo As The New President Of Mavin Records | fab.ng Tega Oghenejobo As The New President Of Mavin Records | fab.ng
MUSIC3 days ago

Don Jazzy Announces Tega Oghenejobo As The New President Of Mavin Records

On Tuesday, October 29, 2024, Michael Collins Ajereh, the visionary founder of Mavin (Records) Global, better known by his stage...

Moniepoint reaches African unicorn status | fab.ng Moniepoint reaches African unicorn status | fab.ng
BUSINESS4 days ago

Moniepoint Reaches African Unicorn Status With $110 Million Funding Boost

Moniepoint Inc., a leading fintech company in Africa, has successfully raised $110 million in equity financing. This is to power...

Jannik Sinner withdraws from Paris Masters 2024 | fab.ng Jannik Sinner withdraws from Paris Masters 2024 | fab.ng
FOREIGN4 days ago

World Number One Jannik Sinner Withdraws From The ATP Rolex Paris Masters 2024

Tournament organizers announced on Tuesday that world number one Jannik Sinner (23) will not participate in the Paris Masters indoor...

Just Us Girls returns for a third season this November | fab.ng Just Us Girls returns for a third season this November | fab.ng
MOVIES4 days ago

“Just Us Girls” Returns For A Third Season This November

The creators of “Just Us Girls” have launched the third season of their popular Nigerian web series. The season will...

Vinicius Junior Believes Racism Led To Ballon d'Or Defeat | fab.ng Vinicius Junior Believes Racism Led To Ballon d'Or Defeat | fab.ng
SPORTS4 days ago

Vinicius Junior Believes Fighting Racism Led To Ballon d’Or Defeat

Vinicius Junior, the 24-year-old Brazil and Real Madrid forward addressed his second-place finish in the Ballon d’Or voting on Monday....

Tosin Igho unveils trailer ahead of his movie, ‘Suspicion’ | fab.ng Tosin Igho unveils trailer ahead of his movie, ‘Suspicion’ | fab.ng
MOVIES4 days ago

Nollywood Director, Tosin Igho Unveils Trailer Ahead Of His Movie, “Suspicion”

Director Tosin Igho has released the trailer for his latest thriller, “Suspicion”. The movie will premiere on Prime Video on...

Eki's Collection At Lagos Fashion Week 2024 | fab.ng Eki's Collection At Lagos Fashion Week 2024 | fab.ng
FASHION5 days ago

See How Eki’s Collection Graced The Walkway At Lagos Fashion Week 2024

Fashion lovers! Lagos Fashion Week 2024 took centre stage from October 23rd to 27th. Trust me, you’ll want to keep...

-Ad-

under40ceos-starting-a-business
under40ceos-starting-a-business

Trending