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Skye Bank’s Licence Revocation: Nigerians React

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Financial experts and shareholders last Saturday expressed mixed reactions over the decision of the Central Bank of Nigeria (CBN) to revoke the licence of Skye Bank.
The stakeholders expressed their views in separate interviews with newsmen in Lagos, while reacting to the revocation of the licence of Skye Bank by the apex bank.
Prof. Sheriffdeen Tella of the Economics department, Olabisi Onabanjo University Ago-Iwoye, Ogun commended the decision of the apex bank.
Tella said the CBN had helped Skye Bank shareholders by making the announcement at the close of banking hour for the week.
He said the announcement at the close of the week prevented an immediate run on the bank.
According to him, announcement of a buyer was also helpful and would prevent a run on the bank in the coming week.
“There is no time that can be regarded as good for this kind of action but action must be taken whenever it becomes inevitable.
“Such actions are capable of dousing tension that normally follows sudden closure of banks,” Tella said.
He said the shareholders had not really benefited from the bank because they had not received dividend on their investment for a long time.
The economist said in other climes where shareholders were active investors, they would have sold their shares to minimise losses.
“But in Nigeria, majority hold on to their shares even when it is apparent the business is sliding down,” Tella added.
He, however, said the impact on the economy and the banking sector in particular may not be serious, unless another bank ran into trouble within three to six months.
The Managing Director, APT Securities and Funds Ltd., Malam Garba Kurfi, the decision of the apex bank as a regulator could not be faulted.
Kurfi said the development should serve as a lesson to both the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) to put their house in order.
He noted that SEC and NSE should be more active going forward by ensuring suspension of trading on the shares of any bank taken over by CBN to avoid making mockery of the capital market.
He said Skye Bank shares traded on the exchange on Sept. 21 and made some gains only for the licence to be revoked the same day.
“CBN has been demonstrating several times that it has no regards for shareholders but only depositors and as at today the only loser in the bank are the shareholders,” Kurfi said.
He said the shareholders should learn from past experience by exiting any bank taken over by the CBN to avoid regrets.
The General Manager, Anambra Broadcasting Service, Awka, Mr Uche Nworah, said the mandate of the apex bank and the Nigeria Deposit Insurance Corporation (NDIC) was to safeguard depositors.
Nworah said the CBN must have seen a lot of things in the bank before deciding to revoke the licence to protect investors and depositors.
He, however, faulted the apex bank’s approach in terms of information management.
Nworah said the bank’s customers and depositors were the ones that alerted the workers of what was going on in Awka, Anambra State.
Publicity Secretary, Independent Shareholders Association of Nigeria, Mr Moses Igbrude, said the takeover of Skye Bank was a very sad and avoidable story.
Igbrude described the takeover as a total loss for all the bank’s minority shareholders.
He linked the bank’s failure to the acquisition of the former Afribank against the shareholders advice.
“The story started some few years ago when the former management decided to expand by acquiring former Afribank and later Mainstream Bank against the advice of some of us shareholders not to do so.
“They refused to listen to us when we told them that Mainstream Bank was cancerous and political exposed, that the intrigue that would follow the acquisition would consume the bank.
“While shareholders of Skye Bank have lost their investments, what happened to the management who took the decision and those professional consultants who did the due diligence reports that the management rely on to take decision?
“It is high time regulators address the issue fake consultants who parade themselves as professionals or else this will continue to happen,” Igbrude said.
National Coordinator, Progressive Shareholders Association of Nigeria, Mr Boniface Okezie, said the CBN needed to explain its actions to Nigerians for better understanding.
Okezie said the apex bank needed to find a lasting solution to the banking sector crisis which was becoming an embarrassment not only to government but to the investing public.
He said the CBN should be held responsible for the development in Skye Bank because it granted the bank the approval to acquire Afribank.
Okezie said the investors should not be allowed to suffer again for the misdeeds and mistakes of the regulations.
Recall that CBN revoked the licence of Skye Bank and renamed it ‘Bridge Bank’ before settling for the current name Polaris Bank.

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NPA Assures On Staff Welfare 

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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