Reps probe Skye Bank, insurance firms over abuse of corporate governance

House of Representatives on Tuesday unveiled plans to probe Skye Bank Plc by Central Bank of Nigeria (CBN).

The House is also expected conduct thorough investigations into the health status of all the insurance companies operating in the country, sequel to the series of petitions from the investing public.

Tony Nwulu, chairman, sub-committee on Capital Market and other Institutions disclosed this during a chat with Legislative Correspondents.

According to Godwin Emefiele, CBN Governor who announced the take-over of the troubled bank, the apex bank’s decision came on the heel of the result of our examinations and forensic audit of the bank.

He explained that Skye bank requires urgent recapitalisation as it can no longer continue to live on borrowed times with indefinite liquidity support from the CBN.

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