TheCable

Skye Bank has begun its recovery process after losing about half of its share value in less than 11 days following the Central Bank of Nigeria-mandated change of its top management.

On July 4, 2016, the CBN changed the top management of the bank due to capital adequacy issues, inaugurating a new board to lead the bank.

Tokunbo Abiru, former finance commissioner of Lagos state, was appointed the managing director and chief executive officer (CEO) of the bank.

The bank’s shares depleted drastically over the past seven trading days, seeing a decline of over 31 percent in five days.

However, its outlook took an upward turn at the Nigerian Stock Exchange (NSE) on Monday, gaining over 10 percent of its share value to close at 66 kobo per share, from 60 kobo on Friday.

The bank, which is Nigeria’s eighth biggest lender by asset, saw N138.26 million worth of shares traded on Monday as its share value began its appreciation process.

Since the CBN replaced its top management over capital problems, this is the first daily gain the bank will make in share value.

The central bank and Fitch, an international credit rating agency, insist that the fundamentals of Skye Bank are sound and that the bank was no way in distress.