Skye Bank says will file 2016 audited financial statement in Q2

Skye Bank Plc has told the Nigerian Stock Exchange that it hopes to submit its 2016 audited financial statement before the end of the current quarter as it hopes to surmount audit setback.

“Please be informed that most of the challenges faced in the completion of the audit exercise have been surmounted,” said the Bank’s notification on Tuesday to The Nigerian Stock Exchange on Tuesday on its late filing. “and as previously stated, the draft Audited Financial Statement (AFS) for the year ended 31 December 2016 is currently awaiting the final approval of the Bank’s primary regulator, the Central Bank of Nigeria (CBN).”

The Bank is hopeful that the 2016 audited account would be approved and filed at the NSE before the end of the current quarter, the notification said.

Skye Bank’s shares closed at 58 kobo on Tuesday, having gained 16 per cent year-to-date. With outstanding shares of N13.88 billion, the bank’s market capitalisation stood at N8.05 billion as at June 13 2017, according to data from Bloomberg.

The Nigerian lender was recently embroiled in a legal skirmish with Milan Industries Limited over the loan it granted the latter to construct Intercontinental Hotel, with a a Federal High Court in Lagos has ordered Skye Bank Plc to take over the five-star hotel in May 2017.

It was reported that the bank claimed to have granted loan facilities of $29.8m and N3.8bn to the hotel, located at Plot 244 and 245 (now 52) Kofo Abayomi Street, Victoria Island, Lagos.

The bank also said it raised an overdraft facility of N500m in favour of the company pay contractors and import materials required to the hotel project.

 

Innocent Unah