House Committee to Probe Skye Bank Takeover

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House of Representatives Sub-committee on Capital Market and Institutions will probe the recent takeover of Skye Bank Plc by the Central Bank of Nigeria (CBN).

Making this known on Tuesday the Chairman, Hon.Tony Nwulu, whose committee had summoned no fewer than 100 companies for probe in suspected unwholesome practices, assured Nigerians that the House would look into the takeover of Skye Bank Plc in the ongoing probe of insurance companies and banks in Nigeria.

Nwulu, in a chat with journalists, said: "We were on recess when the bank was taken over but now that we are back, we will look into the matter.”

Though the committee had planned to continue the probe of insurance companies and banks on resumption from recess on Tuesday, it was adjourned due to the untimely death of a member, Hon. Funke Adedoyin. The probe is now slated for Wednesday next week.

According to him, "We had to reschedule the probe because we are mourning a member, but all those that we invited must show up by next Wednesday. As you are aware, we have been on this matter for some time now and we intend to reach the bottom. There is too much corporate mis-governance in the sector.

"There have been several public outcries by shareholders over corporate mis-governance by most public companies, where allegations of fraudulent activities by management of these firms have been suspected. So, this is an industry-wide exercise that we're trying to carry out in order to wipe off all of that and also restore confidence in investors as they would have to be sure that they are investing in a healthy company.

"Not a company that people don't even know what happens to their shares anymore, while the CEO is living on people’s money while investors are losing money.”

He said the committee got clearance from the apex regulatory body, the Security and Exchange Commission (SEC), as the sole aim is to restore investors’ confidence in the Nigerian capital market before embarking on the exercise.

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