• Wednesday, February 21, 2024
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BusinessDay

Skye Bank in talks to raise ₦30bn before year-end

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Nigeria’s Skye Bank is in talks with existing and new investors to raise 30 billion ($150.75 million) before year-end to bolster its capital base, its chief executive officer said on Monday.

CEO Timothy Oguntayo said the Central Bank of Nigeria was restructuring 27 billion short-term loans it made to Nigerian state governments to 20-year maturities, paying a 16 percent coupon.

Nigeria’s 36 states have debts of 658 billion  ($3.3 billion), and one way out of the credit crunch would be for banks to extend the maturity of loans made to them as much as 20 years, one of the state governors has said.