FG to pros­e­cute those who caused Skye Bank to fail

Weekly Trust - - Front Page - Chris Agabi

The Fed­eral Gov­ern­ment has promised to pros­e­cute all those found to be re­spon­si­ble for the fail­ure of erst­while Skye Bank. The Min­is­ter of Fi­nance, Zainab Ahmed made this known on Fri­day while on fa­mil­iar­ity visit to the Nige­rian De­posit In­sur­ance Cor­po­ra­tion (NDIC), in Abuja.

The Min­is­ter di­rected the Man­ag­ing Di­rec­tor/CEO, Umaru Ibrahim to en­sure that a thor­ough in­ves­ti­ga­tion is done into the fail­ure of Skye Bank, adding that at the end of the in­ves­ti­ga­tions, all those found cul­pa­ble in the fail­ure of the bank would be pros­e­cuted. “The ex­am­ple of the re­cently wound-up Skye Bank, now Po­laris Bank, is some­thing we will look into. We’re go­ing to hold who­ever was re­spon­si­ble for the fail­ure of that bank,” she said.

“We have to show ex­am­ple, we can­not be bail­ing out banks and leav­ing per­pe­tra­tors of the fail­ure of th­ese banks to go scot-free. Even though you in­ter­vene by pro­tect­ing de­pos­i­tors, but your in­ter­ven­tion is lim­ited. You’re not able to pay back all that the de­pos­i­tors have”, the min­is­ter said.

Ahmed stressed the need for the NDIC to con­tin­u­ously mon­i­tor the banks to en­sure that prob­lems are de­tected early and solved be­fore they be­come crises.

The min­is­ter com­mended the NDIC for ad­her­ence to the re­quire­ments of the fis­cal re­spon­si­bil­ity act by con­stantly pay­ing its op­er­a­tional sur­pluses to the Fed­eral Gov­ern­ment. “Within this week, N15 bil­lion was re­ceived by the Fed­eral Gov­ern­ment and this brings to about N107 bil­lion that NDIC has paid to date,” she said.

Ear­lier, MD/CEO Umaru Ibrahim briefed the Min­is­ter on the achieve­ments and chal­lenges of the NDIC.

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