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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

 

ENTERTAINMENT

Boston City Declares March 2 ‘Burna Boy Day’

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Boston City Declares March 2 ‘Burna Boy Day’ | Fab.ng

In recognition of his achievements, the city of Boston, Massachusetts, has officially designated March 2nd as “Burna Boy Day” to honor the renowned Nigerian singer. This special day was officially declared in a document signed by Councillor Ruthzee Louijeune of the Boston City Council.

To recognize his exceptional performances and advocacy work, Burna Boy has been honored by the city of Boston. This recognition is a testament to Boston’s commitment to celebrating diversity and culture, as evidenced by its range of cultural events, festivals, and community initiatives that showcase the city’s multicultural landscape.

The document further states that Burna Boy’s legacy serves as a reminder of the possibility and encourages the city to continue amplifying voices that have long been silenced or overlooked. In light of this, March 2, 2024, has been designated as Burna Boy’s Day in the City of Boston.

According to the document, inter alia:

“Whereas, Burna Boy’s legacy serves as a reminder of possibility, reminding us to continue amplifying voices that have long been silenced or overlooked, now, therefore, be it resolved: that March 2, 2024, is designated Burna Boy Day in the City of Boston.”

Burna Boy has held many sold-out shows in Boston since breaking into the international scene in 2018. His music has resonated with audiences across the globe, and he has become a symbol of hope and inspiration for many. The honor bestowed on him by the city of Boston is evidence of the impact of his work and the significance of his legacy.

Damini Ogulu, better known by his stage name Burna Boy, is a Nigerian singer, songwriter, and record producer. Burna Boy rose to fame in 2012 with his hit song “Like to Party”. Since then, he has released several critically acclaimed albums. He’s won numerous awards, including a Grammy Award for Best Global Music Album.

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NEWS

Moses Bliss’s Traditional Wedding Transcends Cultures

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Moses Bliss's Traditional Wedding Transcends Cultures | Fab.ng

Moses Bliss and his wife, Marie Wiseborn, celebrated their traditional wedding in a beautiful ceremony that combined the rich traditions of both their Nigerian and Ghanaian backgrounds. The ceremony was held in Ghana against a stunning backdrop and was more than just a marriage; it was a show of their two nations’ unique customs and cultures.

The ceremony began with a stunning display of traditional Ghanaian attire. Marie Wiseborn, the bride, looked radiant in her beautiful outfit. The couple’s attire was a beautiful symbol of unity, as it harmoniously blended the vibrant colours of Ghana’s kente cloth with the regal elegance of Nigeria’s aso-oke fabric. It reflected the coming together of the two nations through their marriage.

 

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A post shared by MacJay Weddings (@macjay_weddings)

The traditional wedding ceremony honoured both Nigerian and Ghanaian traditions. It included the Ghanaian “knocking” ceremony, where the groom’s family formally asks for the bride’s hand in marriage. Marie’s grand entrance was marked by a vibrant adowa dance, performed with her bridesmaids and other dancers. This dance was a respectful blend of both cultures’ heritages, creating a beautiful and moving moment.

Moses Bliss and Marie Wiseborn’s wedding transcended a simple celebration of love. It became a powerful testament to the beauty of cultural fusion. The couple, by honouring their individual heritages while embracing their future together, set a remarkable example for cross-cultural unions. Their wedding wasn’t just about the union of two individuals; it was a vibrant celebration of unity, diversity, and the enduring power of love.

Their commitment to blending their Nigerian and Ghanaian cultures served as an important reminder that love can bridge any differences. It painted a vivid picture of a world where cultures can harmoniously coexist. Also, it creates a space where everyone feels included and appreciated.

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MUSIC

How I Got Ed Sheeran To Feature On ‘Peru’ Remix – Fireboy

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Fireboy On How He Got Ed Sheeran On 'Peru' remix | Fab.ng

Nigerian music star Fireboy DML recently shared a fascinating story about his hit collaboration with global music sensation Ed Sheeran on the remix of Fireboy’s 2021 chart-topping single, “Peru.”

In a recent interview with Billboard News, the 28-year-old singer revealed that the collaboration came about after a friend of Ed Sheeran’s introduced the song to the British superstar. Fireboy revealed that Ed Sheeran himself reached out to him, expressing his interest in the song after a friend shared it with him.

Fireboy further disclosed that prior to this remarkable collaboration, he had expressed his fervent desire for a “global hit” that would significantly transform his life path.

“I remember praying for a song that would breakthrough on a global scale, something that would truly change my life forever,” Fireboy said, reflecting on the period before the collaboration.

“At the time, ‘Essence’ was enjoying significant popularity, and this inspired me to aim for even greater achievements. I would like to contribute to my genre by having a song that cuts across the whole world and changes my life forever.” he added.

“God gave me ‘Peru’, so the song blew up, amazing record. You know when a song blows up and it becomes this annoying record you hear everywhere in Africa, in Nigeria, especially in Lagos.

“It needed something special so it came in the form of the collaboration with Ed Sheeran. I was in the studio that day I remember when I got the call from Mr Kareem, he works with my label and he was like, guess what? Ed Sheeran is going to be on your record.

“Check your DM, I think he has sent you a DM. He has recorded the verse, everything is ready and I was like, what? But apparently, Jamal Edwards sent the song to Ed Sheeran.

“So after I got the call, I checked my messages on Instagram, and he had sent me a DM together with a voice note, and when I listened to verse, I was like this verse is fire.”

And that is how the chart-topping Peru Remix came about.

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