Skye Bank recovers N60 billion from debtors, N6 billion from divestment

Stability is fast returning to Skye Bank Plc, as it had recorded a N60 billion recovery from its bad loan books. It also achieved a N6.2 billion cash inflow from full divestment from four local subsidiaries, and currently in the process of divesting from others, as part of strategies to weed it of unprofitable ventures and streamline operations for sustainable growth.

The bank affirmed last week that in efforts to stabilise activities, it has successfully implemented cost management initiatives which has enhanced liquidity and efficient service delivery to its customers since the regulatory induced take-over of the bank one year ago.

In a statement jointly signed by the bank’s Chairman, and Group Managing Director, M.K. Ahmad, and Tokunbo Abiru, they noted that through the support of regulators, the lender has successfully embarked on initiatives to restructure and reposition the bank. This is based on its broad mandate, which includes cost management and optimisation, as well as divestments to improve the institution’s financial position.