Skye Bank Plc Embarks On Massive Propaganda To Stop Massive Withdrawal, Shore Up Bank’s Image

Muhammad K. Ahmad

The new management of Skye Bank Plc has embarked on a massive propaganda and impression management to curtail excessive withdrawal from the bank.

Text messages are being sent massively to account holders.

Following the sack of the management and board of the bank and plummeted shares, account holders had embarked on massive withdrawal.

Most account holders in Skye Bank Plc held the opinion that the sack of the management and board of the bank by the Central Bank of Nigeria (CBN), was a confirmation that the bank was distressed.

Speaking in a chat with www.theoctopusnews.com, an account holder Obawunmi Titilayo revealed that friends with accounts in Skye Bank Plc had been calling themselves to go and close their account in the bank, as it was about to be grounded.

The Management and board of Skye Bank Limited were sacked by CBN on Monday, July 4.

The new Chairman of Skye Bank Plc, Mr. M.K. Ahmad, clarified speculation surrounding the bank saying that the reconstitution of the board of the bank by the Central Bank of Nigeria (CBN), was not a takeover of the bank but an intervention to correct observed corporate governance issues under the old board.
Ahmed made the clarification on Friday, July 8, while addressing shareholders on the floor of the Nigeria Stock Exchange.

According to Ahmed, the bank is not distressed but only had corporate governance issues under the old board.