Banking
Customers, Shareholders Worry Over Skye Bank’s Financial Health
By The Witness
These are not the best of times for the Tokunbo Abiru-led Skye Bank Plc as the lender is said to be currently embroiled in a fresh crisis.
Investigation by THE WITNESS revealed that the struggling financial institution has again failed the statutory requirements to file its results and accounts for the period ended June 30, 2018 with the Nigerian Stock Exchange (NSE).
A top management staff of the bank who spoke to our correspondent on condition of anonymity lamented, “Of a truth, all is not well with the bank. It is really struggling to stay afloat and the new management is doing nothing about it. Though they met the problem on ground, one expects that by now things should have changed. People are resigning every day because of uncertainties showing up in every of its departments.”
Recall that on July 4, 2016, the Central Bank of Nigeria intervened in the management of the bank by reconstituting the board of directors, shoring up the bank with N100bn capital injection, and accordingly, the apex bank gave the board a clear mandate to turn the institution around positively.
Ironically, two years after the CBN intervention into the affairs of the bank, the fortunes of the financial institution have continued to dwindle.
This, THE WITNESS gathered, is not unconnected with the poor results of the bank due to lack of trust customers now have with the lender triggered by the lack of administrative experience and expertise of the new management led by Mr Tokunbo Abiru. More so, weak asset quality, rising funding costs and increased customers’ wariness about the safety of their deposits have conspired to squeeze out the bank’s balance sheet and tear profit figures of the lender.
The development became worrisome to shareholders and customers of the bank as the lender last filed its accounts to the NSE in 2014. In a statement to the NSE in March 2017, Skye Bank had attributed the failure to file its 2016 accounts to the CBN’s intervention. Consequently, the Exchange tagged the lender MFR (Missed Regulatory Fillings). This is in contravention of Rule 1.1.4 of The Exchange on Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange, which requires listed companies to file their AFS.
A visit to the lender’s headquarters located at 3, Akin Adesola Street, Victoria Island, Lagos, will tell how its branches operate – in a low-key setting. The once-bubbling branches of the bank have now become a shadow of themselves as many depositors of the bank have started closing their accounts.
It would be recalled that prior to the sack of the Ayeni-led board, Skye Bank used to visit the discount window frequently.
With the current situation, the few depositors left are beginning to wonder if it is not back to square one for them, as they insist that the bank would have filed its account if there were indeed no problems.
A document obtained from the NSE unveiled Skye Bank as one of the financial institutions likely to be penalized by the NSE along with other organisations.
According to the document from the NSE, such default is marked out by the Exchange as a corporate governance failure, which attracts monetary fines, “naming and shaming” tag, suspension of shares from trading and delisting in incurable cases of default.
A source further confirmed that the Exchange “would apply relevant rules” in dealing with the defaulters.
The NSE regulatory deadline was on July 30. Under the rules, a late submission attracts a fine of N100,000 daily for the first 90 calendar days of non-compliance, another N200,000 per day for the next 90 calendar days and a fine of N400,000 per day thereafter until the date of submission.
Though, the CBN recently extended the tenure of Skye Bank directors for an additional two-year term, customers of the bank, financial experts have called for the sack of the bank chief to be replaced by a more competent and experienced hand to manage the financial institution.
A customer of the bank, one Mr Oguntade Charles, while speaking with our correspondent said: “I don’t know what exactly is happening to Skye Bank. I have been banking with them for the past 7 years and it has never been this bad. Most of their ATM machines are always out of service; even their USSD banking code *889# is nothing to write home about, the same service which I enjoy seamlessly on my accounts with other banks. Most times, when I try to transact with it, it always fails. It’s either it brings error or no response at all. I have been to their bank several times to complain but still, no way. Their services are now so poor,” he lamented.
A financial expert, Mr Adebayo Faleti who spoke to our correspondent argued that if no drastic steps are taken by the CBN concerning the bank, the worse may still come.
All efforts to reach the Corporate Affairs Manager of the bank, Mr Rasheed Bolarinwa, for the lender’s angle proved futile as calls and text messages placed to his mobile number were not responded to as at press time.
By Modupe Gbadeyanka
Some entrepreneurs across diverse sectors recently completed a three‑week intensive capacity‑building programme organised by Ecobank Nigeria, in partnership with DHL.
The event was put together to equip Small and Medium Enterprises (SMEs) with the skills, tools, and insights required to scale beyond local markets and compete globally.
The focus was on critical growth enablers such as cross‑border trade, e‑commerce opportunities, logistics, customs procedures, and international shipping—key pillars for sustainable expansion in today’s increasingly connected global marketplace.
In one of the sessions, titled Trade and Grow Beyond Borders: Welcome to E‑commerce, the Relationship Channel Manager for DHL Customers/Global Express, Mr Charles Eke, underscored logistics as a critical success factor for SMEs, identifying key challenges such as access to finance, markets, and efficient logistics.
He also provided practical guidance on customs processes, international shipping, documentation, and shipment tracking, while emphasising the immense opportunities e‑commerce presents for cross‑border expansion.
According to him, international markets often offer greater growth potential than domestic markets for well‑positioned SMEs.
The Head of SMEs, Partnerships and Collaborations at Ecobank Nigeria, Mrs Omoboye Odu, described the programme as a catalyst for meaningful growth and mindset change.
“Over the past three weeks, something truly powerful has taken place. This programme has gone far beyond knowledge sharing—it has inspired new thinking and unlocked fresh possibilities for our SMEs. The message is clear: no business should be limited by geography,” she said.
Mrs Odu reiterated Ecobank’s deliberate focus on SMEs as key drivers of Africa’s economic development, saying, “Beyond building capacity, we are intentionally opening doors by connecting businesses to new markets and opportunities. With our presence in over 30 African countries, coupled with integrated payment, trade finance, and e‑commerce solutions, Ecobank is uniquely positioned as the Pan‑African bank enabling seamless cross‑border trade.”
One of the participants, Ms Dolapo Fatoki of Debsfray, a Lagos-based fashion brand, described the initiative as impactful, practical, and transformative.
“The sessions were highly informative. I gained a deeper understanding of documentation and pricing, two areas that previously posed major challenges for me. The collaboration between DHL and Ecobank has been exceptional and truly beneficial,” she noted.
Similarly, the Creative Director of FC Accessories, Mr Tosin Olukuade, described the programme as “an eye‑opener,” adding that it reshaped his approach to business growth.
“The insights I gained will help me scale my business exponentially. I am grateful to Ecobank and DHL for creating this opportunity,” he said.
Reflecting on the programme’s digital focus, the chief executive of Needle Point, Mrs Theresa Onwuka, highlighted how the sessions broadened her outlook on growth and innovation.
“The class was so good—it got my mind thinking of possibilities. My main takeaway is clear: digitalisation is the way forward,” she remarked.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to submit monthly reports on failed electronic transactions across digital channels, as part of new compliance measures introduced in its revised Guide to Charges.
The directive was contained in a circular titled Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria, 2026 (The Guide) and signed by the Director of the Financial Policy and Regulation Department, Mrs Rita Sike.
According to the apex bank, Chief Compliance Officers and Heads of Information Technology in financial institutions are required to jointly render electronic reports of all failed transactions conducted via Automated Teller Machines, Point of Sale terminals, mobile channels, web platforms, and other electronic systems.
The circular read, “The Chief Compliance Officer and Head Information Technology shall jointly render monthly reports electronically, of all failed electronic transactions via various e-channels (ATM, PoS, mobile, web/internet and related channels) that originate or terminate in the institution.”
The reports are to be submitted to designated CBN email addresses, reinforcing the regulator’s push for stricter monitoring of service failures across the banking system.
Beyond the reporting requirement, the CBN also introduced broader accountability measures, placing responsibility on top management of financial institutions to ensure strict adherence to the new guide.
Executive Compliance Officers or Managing Directors are mandated to cascade compliance expectations across all business units and ensure that banking systems are configured to apply only approved charges.
Specifically, the regulator directed that Heads of Information Technology must ensure that “all systems configurations only capture and allow posting of charges as permitted and described in this Guide,” while Chief Compliance Officers are to monitor strict compliance with the framework.
The revised guide, effective May 1, 2026, replaces the 2020 version and provides a comprehensive framework for charges across banking and other financial services.
The CBN explained that the review was aimed at promoting a safe and sound financial system, encouraging innovation, and expanding financial inclusion through lower tariffs on micropayments and transactions.
It added that the revised framework would strengthen oversight and accountability, encourage the adoption of electronic payment channels, and accommodate new industry participants.
Business Post also reported that the regulator has raised ATM card fees by 50 per cent to N1,500 and scrapped the monthly maintenance charge.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has proposed that financial institutions operating in the country should charge N150 for the e-dividend mandate processing fee from May 1, 2026.
This was contained in the latest Guide to Charges by Banks and Other Financial Institutions in Nigeria, signed by the Director of the Financial Policy and Regulation Department of the CBN, Ms Rita Sikе.
The move is to promote a safe and sound financial system in Nigeria, accelerate the adoption of innovative financial services, financial inclusion and micropayments/transactions.
The reviewed guide, according to the central bank, provides for an increased range of financial services, encourages development of innovative products, strengthens responsibility for oversight and accountability and promotes financial inclusion through lower tariffs for micropayments/transactions.
It also reviewed some charges for banking services to encourage increased adoption of electronic channels and accommodate new industry participants since the issuance of the 2020 guide.
“In view of the above, the draft guide is hereby exposed to members of the public for their comments/input on the proposed fees contained therein. Comments are to be sent to [email protected] on or before May 08, 2026,” a part of the note stated.
In the draft, the banking sector regulator is suggesting the payment of N1,500 for local debit card issuance and replacement by customers and a $10 annual fee for foreign currency-denominated debit/credit cards.
For on-site ATM transactions, a charge of N100 per N20,000 withdrawal was proposed and N100 plus a surcharge of not more than N500 per N20,000 withdrawal. It emphasised that the surcharge, which is an income of the ATM deployer/acquirer, shall be disclosed at the point of withdrawal to the consumer.
The bank also said that for electronic fund transfers below N5,000, no fee would be collected, but from N5,000 to N50,000, customers would part with N10, and for transfers above N50,000, the fee of N50 would be paid, while for microfinance banks, there would be the settlement bank’s charge plus 10 per cent of the charge.
The CBN noted that this guide applies to commercial banks, merchant banks, Payment Service Banks (PSBs), non-interest banks, microfinance banks, finance companies, Primary Mortgage Banks (PMBs), Development Finance Institutions (DFIs), credit guarantee companies, Mobile Money Operators (MMOs), and any other institution as may be designated by it.
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