Earlier this week, Nigeria’s apex bank took over the board of popular deposit bank Skye Bank. The news raised a high level of panic among the Bank’s customer and also customers of deposit banks nationwide. A huge crowd was spotted in various branches of Skye Bank.
Our list will be a form of enlightenment for people who are in despair as to the consequences of the CBN’s decision to take over Skye Bank.
Here are the possible ways the new management will affect Skye bank customers.
Share holders Are In For A big Loss
The takeover by Central Bank Nigeria (CBN) is definitely a huge blow for Skye bank’s shareholders. At the first trading of the take-over, Skye Bank shares dropped significantly by 9.5% to 95 kobo on Monday as investors rushed to dump the stock. At a point there was over 80 million units on offer with no buyer. A recent Rencap report suggests that Skye Bank shareholders may have lost about 99% of their investments in the bank.
However, Skye Bank’s share price may rise in again if it secures or announces a new strategic financial investor.
Skye Bank Will Definitely Not Want to Give Loan
If you were on the verge of securing a loan from Skye Bank then count yourself unlucky as that loan may not be granted by the new management. No matter how far you have gone in your negotiations, you will likely be put on KIV (Keep In View).
You should also expect new negotiated terms of your loan agreement if it is close to the end or on the verge of a renewal. Since the resignation of Management was mostly because of the bad loans on their books, the new management may likely want to renegotiate the terms of those loans.
Those who are In contract With Skye bank Might Fall Victim
Normally, with the new management team in place, there will be a reshuffling among the personnel in the firm. As permanent staffs are already limping on a foot, contract staff will most likely get axed.
Also for suppliers or contractors of Skye Bank, it is advisable that you hold on from delivering further supplies to the bank till you are very sure of how you get paid. If you supply essential products that the bank needs, then they pay you. If otherwise, apply caution and don’t fall victim