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

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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

 

MUSIC

Wizkid’s “Dance” Reappears On Apple Music Nigeria Top 100

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Kese (Dance) Reappears on Apple Music Nigeria Top 100 | fab.ng

Wizkid’s ‘Kese (Dance)’ Reclaims Top Spot on Apple Music Nigeria

Wizkid’s latest single, ‘Kese (Dance)‘ dramatically returned to the Apple Music Nigeria Top 100 chart. The song temporarily disappeared on November 18, 2024, sparking widespread speculation among fans and music enthusiasts.

Fab.ng first reported the unexpected chart removal. Despite vanishing from the Nigerian chart, ‘Dance’ maintained its position on global Top 100 lists. Remarkably, it remained the sole Nigerian and African track on international charts.

Apple Music’s chart management protocols suggest potential reasons for the temporary removal. The platform commonly investigates potential streaming manipulation. When suspicious activity emerges, they remove and then reinstate tracks after verifying stream authenticity.

Fans and industry watchers developed multiple theories. Some believed the removal resulted from technical complications. Others suspected a deeper investigation into streaming patterns. The exact mechanism remained unclear.

Within hours, ‘Kese (Dance)’ returned to its top chart position. The song demonstrated sufficient streaming strength to reclaim its previous standing. Wizkid’s continued musical dominance remained unquestionable.

The incident generated additional excitement around Wizkid’s upcoming album ‘Morayo.’ Scheduled for release on November 22, 2024, the album generates significant anticipation. Wizkid strategically shared the official tracklist, further fueling fan enthusiasm.

Music industry observers noted the incident’s potential marketing impact. The temporary chart removal inadvertently increased visibility for both the single and the upcoming album. Wizkid’s strategic music release continues to capture the audience’s attention.

The event underscores the complex dynamics of digital music platforms. Streaming charts represent more than simple popularity metrics. They reflect intricate algorithmic and investigative processes.

Wizkid continues to demonstrate his significant influence in Nigerian and global music scenes. ‘Kese (Dance)’ represents another milestone in his remarkable musical journey.

Fans remain eager to experience the full ‘Morayo’ album, anticipating another potential chart-topping release from the superstar artist.

Check out more updates here.

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MUSIC

Davido’s “Na Money” Wins Best Costume/Styling At Berlin Fashion Film Festival

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Na Money wins best costume at Berlin fashion film festival | fab.ng

Davido’s “Na Money” music video, featuring Angélique Kidjo and The Cavemen, has earned the prestigious Best Costume/Styling (Craft) award at the 12th Berlin Fashion Film Festival.

The vibrant video is directed by Dammy Twitch and produced by Blessing Uzzi. The video captivated audiences with its colourful costumes, cultural depth, and breathtaking visuals. This celebrates African heritage with impeccable creativity and style.

The win underscores the team’s exceptional attention to detail in showcasing the beauty of African fashion and culture. From the elaborate traditional attire to the contemporary designs, the video seamlessly blends visual artistry with the powerful Afrobeat sound of the track.

This recognition cements “Na Money” as a benchmark for combining music and fashion in innovative storytelling.

The Berlin Fashion Film Festival celebrates fashion and film annually.

It has recognized outstanding talent since its establishment. The festival is part of the larger Berlinale, a global cinema event dating back to 1951.

It focuses on creativity and craftsmanship in filmmaking. The festival highlights emerging talent across various artistic disciplines. It awards prestigious honours like the Golden Bears.

The event attracts filmmakers, designers, and film enthusiasts from around the world. The festival provides a platform for innovative storytelling through visual media.

Recognizing creative excellence supports artistic development. The award represents a significant achievement for artists and creators. For Davido and his team, this recognition underscores their contribution to global cultural representation.

The festival continues to be an important stage for showcasing innovative artistic expressions.

The video’s dynamic visuals and cultural richness not only earned industry accolades but also resonated with fans worldwide.

To experience the award-winning brilliance firsthand, watch Davido’s “Na Money,” featuring Angélique Kidjo and The Cavemen, now.

Let the stunning visuals and captivating storytelling take you on a journey through Africa’s vibrant cultural tapestry.

Explore the full list of winners on the festival’s official site and join in celebrating this milestone for African music and fashion.

Watch the video below.

Check out more updates here.

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MOVIES

“The Interrogation Of Lotanna” Bags 6 Nominations At The FilmJoint Awards 2025

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The Interrogation of Lotanna: 6 nominations at TFA 2025 | fab.ng

Reginald Jumbo’s compelling short film “The Interrogation of Lotanna” has earned prestigious recognition with six nominations at the upcoming 2025 Film Joint Awards.

The nominations span major categories. They include Best Picture, Best Director, Best Actor in a Leading Role, Best Indigenous Film (Nigeria), Best African Film, and the Best Jury Award for Outstanding Storytelling.

The FilmJoint platform stands as a vital global initiative that connects short filmmakers with international audiences. They provide them with a stage to showcase their creative works.

Through its annual awards ceremony, FilmJoint celebrates exceptional short films that advance African cinema’s artistic and cultural landscape.

Producers Ibukun Serah Adetoyinbo and Oreoluwa Obadofin bring to life a gripping narrative set against the backdrop of civil unrest.

The plot follows Captain Ardo, a military commander tasked with suppressing an eastern rebellion led by the elusive Zuru Nkwu.

After months of fruitless searches, intelligence leads Ardo to interrogate a suspect named Lotanna. Despite enduring severe torture, Lotanna steadfastly maintains his innocence throughout the ordeal.

The film showcases powerful performances from an ensemble cast. The cast features William Chinoyenem, Cassey Oritsejolomi, Anthony Nwahiri, Francis Sule, Michael Embraiz, and Mr. Rala.

Each actor brings depth and authenticity to their respective roles, contributing to the film’s emotional impact and storytelling prowess.

These nominations underscore the film’s artistic merit and its significant contribution to African cinema. The recognition from the FilmJoint Awards particularly highlights the film’s excellence in storytelling, direction, and performance.

Meanwhile, it also acknowledges its cultural significance as both a Nigerian and African production. The winners will be revealed at the 2025 FilmJoint Awards ceremony, where “The Interrogation of Lotanna” stands as a strong contender across multiple categories.

Check out more updates here.

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