House Committee to Probe Skye Bank Takeover

By Shola Oyeyipo in Abuja

House of Representatives Sub-Committee on Capital Market and Institutions will probe the recent takeover of Skye Bank Plc by Polaris Bank.

Making this known Tuesday, the chairman, Tony Nwulu, whose committee had summoned no fewer than 100 companies for probe in suspected unwholesome practices, assured Nigerians that the House will 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 Tuesday, but 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 week 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 Plcs, and allegations of fraudulent activities by management of these firms. So, this is an industry-wide exercise we’re trying to carry it out in order to wipe off all of that and also restore confidence so that when investors are investing, they would have to be sure that yes, they are investing in a company that is healthy.

“Not a company that over time has issues where people don’t even know what happens to their shares anymore and you find out that the CEO is living large while investors lose money.”

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

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