Business
Skye Bank Swims in fresh crisis.
- Again, lender fails to declare accounts to regulators
- Customers, shareholders express anxiety
- As financial experts call for sack of GMD
Sadly, these are not the best of times for the Tokunbo Abiru-led Skye Bank Plc as the lender is said to be currently embroiled in a fresh crisis.
Investigation by THE WITNESS revealed that the struggling financial institution has again failed the statutory requirements to file its results and accounts for the period ended June 30, 2018 with the Nigerian Stock Exchange (NSE).
A top management staff of the bank who spoke to our correspondent on condition of anonymity lamented, “Of a truth, all is not well with the bank. It is really struggling to stay afloat and the new management is doing nothing about it. Though they met the problem on ground, one expects that by now things should have changed. People are resigning every day because of uncertainties showing up in every of its departments.”
Recall that on July 4, 2016, the Central Bank of Nigeria intervened in the management of the bank by reconstituting the board of directors, shoring up the bank with N100bn capital injection, and accordingly, the apex bank gave the board a clear mandate to turn the institution around positively.
Ironically, two years after the CBN intervention into the affairs of the bank, the fortunes of the financial institution have continued to dwindle.
This, THE WITNESS gathered, is not unconnected with the poor results of the bank due to lack of trust customers now have with the lender triggered by the lack of administrative experience and expertise of the new management led by Mr. Tokunbo Abiru. More so, weak asset quality, rising funding costs and increased customers’ wariness about the safety of their deposits have conspired to squeeze out the bank’s balance sheet and tear profit figures of the lender.
The development became worrisome to shareholders and customers of the bank as the lender last filed its accounts to the NSE in 2014. In a statement to the NSE in March 2017, Skye Bank had attributed the failure to file its 2016 accounts to the CBN’s intervention. Consequently, the Exchange tagged the lender MFR (Missed Regulatory Fillings). This is in contravention of Rule 1.1.4 of The Exchange on Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange, which requires listed companies to file their AFS.
A visit to the lender’s headquarters located at 3, Akin Adesola Street, Victoria Island, Lagos, will tell how its branches operate – in a low-key setting. The once-bubbling branches of the bank have now become a shadow of themselves as many depositors of the bank have started closing their accounts.
It would be recalled that prior to the sack of the Ayeni-led board, Skye Bank used to visit the discount window frequently.
With the current situation, the few depositors left are beginning to wonder if it is not back to square one for them, as they insist that the bank would have filed its account if there were indeed no problems.
A document obtained from the NSE unveiled Skye Bank as one of the financial institutions likely to be penalized by the NSE along with other organisations.
According to the document from the NSE, such default is marked out by the Exchange as a corporate governance failure, which attracts monetary fines, “naming and shaming” tag, suspension of shares from trading and delisting in incurable cases of default.
A source further confirmed that the Exchange “would apply relevant rules” in dealing with the defaulters.
The NSE regulatory deadline was on July 30. Under the rules, a late submission attracts a fine of N100,000 daily for the first 90 calendar days of non-compliance, another N200,000 per day for the next 90 calendar days and a fine of N400,000 per day thereafter until the date of submission.
Though, the CBN recently extended the tenure of Skye Bank directors for an additional two-year term, customers of the bank, financial experts have called for the sack of the bank chief to be replaced by a more competent and experienced hand to manage the financial institution.
A customer of the bank, one Mr. Oguntade Charles, while speaking with our correspondent said: “I don’t know what exactly is happening to Skye Bank. I have been banking with them for the past 7 years and it has never been this bad. Most of their ATM machines are always out of service; even their USSD banking code *889# is nothing to write home about, the same service which I enjoy seamlessly on my accounts with other banks. Most times, when I try to transact with it, it always fails. It’s either it brings error or no response at all. I have been to their bank several times to complain but still, no way. Their services are now so poor,” he lamented.
A financial expert, Mr. Adebayo Faleti who spoke to our correspondent argued that if no drastic steps are taken by the CBN concerning the bank, the worse may still come.
All efforts to reach the Corporate Affairs Manager of the bank, Mr. Rasheed Bolarinwa for the lender’s angle proved futile as calls and text messages placed to his mobile number were not responded to as at press time.
Precision and Heritage: How Fifi Stitches Is Rewriting African Fashion Narratives
A Nigerian-born designer is gradually carving out a cross-continental footprint in contemporary fashion, blending African textile heritage with British technical discipline.
Esther Fiyinfoluwa Adeosun, Founder and Creative Director of Fifi Stitches, is gaining recognition for structured womenswear and bridal couture that reinterprets traditional fabrics through architectural tailoring and precision construction.
Born in Ibadan, Oyo State, Adeosun’s fashion journey began at home, seated beside her mother’s sewing machine. What started as childhood curiosity, sometimes jamming the machine just to understand its mechanics—evolved into a disciplined design practice now operating between Nigeria and the United Kingdom.
During an interview with journalists the fifi Stitches once mentioned “I was fascinated by how flat fabric could transform into something structured and meaningful”.
In her Story , early designs made for her family, though imperfectly finished, were worn with pride—an encouragement that laid the foundation for her professional confidence.
Today, Fifi Stitches is recognised for sculpted bodices, controlled tailoring, corsetry construction, and the contemporary reinterpretation of Ankara, Aso Oke, and Adire textiles.
The brand challenges the long-held perception that African fabrics belong solely in ceremonial contexts, instead positioning them within global luxury and modern design spaces.
Adeosun’s training reflects this dual perspective. She studied Fashion Design and Entrepreneurship at the Institute for Entrepreneurship and Development Studies, Obafemi Awolowo University, and earned a Diploma in Fashion Design through Alison Online.
In the UK, she undertook industry-focused technical training with Fashion-Enter Ltd and gained fashion business exposure through Fashion Capital UK.
Her technical expertise spans pattern drafting, draping, garment technology, structured tailoring, corsetry, and bespoke fittings—skills she describes as central to credibility in fashion. “Precision builds trust,” she says. “A designer must understand construction as deeply as creativity.”
Fifi Stitches has showcased collections at the Suffolk Fashion Show, Liverpool Fashion Show – FB Fashion Ball, Red Carpet Fashion Event in London, and through editorial features in London Runway Magazine.
The brand has also received coverage in The Guardian Nigeria and Vanguard Allure, expanding its visibility across markets.
Beyond couture, Adeosun integrates community impact into her practice.
She has facilitated garment construction workshops, draping sessions, and introductory training programmes for women and emerging creatives, promoting fashion as both artistic expression and vocational empowerment.
Fifi Stcithes Boss operates between Nigeria and the UK, in order to continue to shape her brand identity.
According to her “Nigeria provides cultural richness and expressive textile traditions, while the UK offers structured production systems, sustainability conversations, and institutional frameworks”.
Looking ahead, Adeosun said she plan to establish a fully structured fashion house spanning Africa and the UK, develop scalable production partnerships, launch capsule collections, and expand independent editorial visibility.
Her broader ambition is clear: to position African textile craftsmanship within global contemporary design conversations—through structure, discipline, and technical excellence.
GTCO Launches “Take on Squad” Hackathon 3.0, Opens Call for Applications
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has announced the launch of “Take on Squad” Hackathon 3.0, reaffirming its commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
Now in its third edition, the Hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors including financial services, healthcare, commerce and digital inclusion. Under the theme “Smart Systems: The Intelligent Economy,” participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
Applications are now open, and interested teams can find full guidelines and registration details on the official portal at https://squadco.com/hackathon.
Speaking on the initiative, Eduophon Japhet, Managing Director of HabariPay, stated: “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve. Through “Take on Squad” Hackathon, we are deliberately investing in the ideas and talent that will define the future. Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact. This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress.”
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
About HabariPay
HabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.
Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.
HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.
About Squad
Squad is a complete digital payments solution that is reliable, secure, and affordable, making receiving in-person and online payments simpler and convenient.
Thousands of merchants currently leverage Squad’s payment solutions for their daily business operations. Squad’s current products and service offerings include SquadPOS, Squad Payment Links, Squad Virtual Accounts, USSD, and E-Commerce Storefront.
Find out more at www.squadco.com.
Electric 8-Seater Tula Moto Keke Enters Nigerian Market, Targets Higher Operator Earnings
LAGOS — A new electric-powered tricycle with an expanded passenger capacity has been introduced into Nigeria’s urban transport sector, offering operators a potentially more profitable and eco-friendly alternative to conventional petrol-driven “keke.”
The newly launched 8-seater electric tricycle, now available in Lagos with plans for nationwide distribution, features a dual-row seating arrangement capable of accommodating up to eight passengers per trip—significantly higher than the standard three-passenger configuration common across the country.
Promoters of the innovation say the increased capacity is designed to boost daily earnings for operators, particularly amid persistent fluctuations in fuel prices. By running entirely on electric power, the vehicle eliminates dependence on petrol, reducing operating costs and shielding drivers from fuel price volatility.
According to the distributors, the tricycle is equipped with a durable battery system capable of covering extended distances on a single charge, making it suitable for commercial operations across high-traffic routes, residential estates, campuses, and marketplaces.
“The concept is straightforward—enable drivers to earn more while spending less,” a company representative stated. “With higher passenger capacity and zero fuel requirements, operators can maximise each trip without the burden of daily fuel expenses.”
Beyond its cost-saving potential, the electric keke is also said to require less maintenance than traditional models, offering additional long-term savings. Its quieter and smoother operation is expected to enhance passenger comfort and overall commuting experience.
Industry analysts note that the introduction of electric mobility solutions reflects a growing shift toward cleaner and more sustainable transportation alternatives in Nigeria, particularly in densely populated urban centres such as Lagos.
The distributors added that the product is currently available under a limited promotional offer, with delivery options across the country.
For inquiries and purchase: 📞 08153432071
📞 08035889103
Office Address:
📍 Plot 9, Block 113, Beulah Plaza,
Lekki–Epe Expressway,
Lekki Phase 1, Lagos
As transportation costs continue to rise and environmental concerns gain prominence, innovations like the electric 8-seater keke may signal an emerging transition toward more efficient and sustainable mobility solutions nationwide.
-
society7 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth
-
news4 months agoWHO REALLY OWNS MONIEPOINT? The $290 Million Deal That Sold Nigeria’s Top Fintech to Foreign Interests
-
society6 months ago“You Are Never Without Help” – Pastor Gebhardt Berndt Inspires Hope Through Empower Church (Video)
-
celebrity radar - gossips2 months agoDr. Chris Okafor Returns with Power and Fire of the Spirit -Mounts Grace Nation Altar with Fresh Anointing and Restoration Grace on February 1, 2026
You must be logged in to post a comment Login
You must log in to post a comment.