Banking
Fear Grips Ex-Directors of Skye Bank, Seek Soft-landing
By Modupe Gbadeyanka
Information reaching Business Post indicates that all is not well with former directors of the defunct Skye Bank Plc, following a directive by federal government last week that the former bankers would be used as scapegoat to stop the incessant wrecking financial institutions by their top management staff.
Last week, Minister of Finance, Mrs Zainab Ahmed, directed the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to fully investigate and prosecute all the directors and executive management who contributed to the collapse of Skye Bank as well as other Deposit Money Banks (DMBs) in liquidation.
Mrs Ahmed said the failure of Skye Bank must be used as an opportunity to deal decisively with those behind the collapse so as to serve as a deterrent to other operators in the financial system.
According to her, federal government was no longer prepared to treat such serious infractions with levity.
The had Minister expressed her serious concern about the spate of non-performing loans in the banking industry, adding that while the bail-out of distressed financial institutions was necessary in the interest of the stability of the banking system, emphasis should also be placed on the investigation and prosecution of delinquent board directors and executive management of financial intuitions who abused the trust placed on them by depositors.
Soon after this directive, those fingered to be behind the fall of Skye Bank have started to look for ways to get a soft-landing.
According to sources in the banking sector, some of them have started consultations with their lawyers to see how they would not be “heavily dealt with.”
“I can confirm to you that even before the Minister [of Finance] gave the directive [last week], some of the former directors of Skye Bank had been making efforts to get a soft-landing.
“One thing they are aware of is that they might not escape justice because the forces behind their travails are beyond ordinary,” a top management staff of Polaris Bank, who seriously begged not to be named, told our correspondent at the weekend.
In September 2018, the CBN announced the collapse of Skye Bank, naming Polaris Bank as a bridge bank, noting that afterwards that Polaris Bank would run the financial institution until a suitable buyer is found.
In the past, not much had been done to decisively punish directors of failed banks in the country and in most cases; it is the minority shareholders who bear the brunt.
This has led many to believe that government and regulators are mere toothless bulldog, who find pleasure in making more investors lose confidence in the nation’s economy.
When Skye Bank was liquidated, many blamed the CBN, Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC) for it.
Observers believed that these agencies did not do enough to protect interests of shareholders by raising the necessary red flags.
During the visit of the Finance Minister to NDIC last week, its Managing Director, Mr Umaru Ibrahim, assured her the corporation will do all it can to assist in the recovery of all the debts owed the defunct Skye Bank and other banks in liquidation.
He also expressed the agency’s determination to ensure that the directors who perpetrated in insider abuse and other illegalities in running the affairs of the bank are investigated and prosecuted by appropriate authorities.
The primary concern of the NDIC, he assured the Minister, is to ensure the safety of depositors’ funds and minimise the disruption of banking services.
Business Post recalls that last month, Mr Ibrahim had said that a former chairman of Skye Bank, Mr Tunde Ayeni, as well as a director of the defunct bank, Mr Festus Fadeyi, were being investigated by government.
He had disclosed that as soon as investigation was finalised, the necessary action would be taken and those found culpable severely dealt with.
“They are being investigated and I can assure you that when the time comes, the necessary security and law enforcement agencies would do their work,” the NDIC chief said on the sidelines of the International Association of Deposit Insurers (IADI) Africa Regional Committee (ARC) workshop in Lagos in September 2018.
It was alleged that Mr Ayeni and Fadeyi contributed to the downfall of the firm by borrowing huge amount of money that were never repaid.
While Mr Ayeni was said to have borrowed billions of Naira from the firm to fund the acquisitions of the Ibadan and Yola Electricity Distribution Companies; NITEL/M-Tel; and an energy services firm, Ascot Offshore Nigeria Limited; Mr Fadeyi, was accused of using Pan Ocean to obtain loans to fund the firm’s oil and gas upstream projects which were considered as one of the major non-performing loans amongst others.
It was said that the funds pulled out of Skye Bank allegedly by the duo and others led to the total collapse of the bank.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
