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Skye Bank: Nigerian Stock Exchange Halts Trading

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Skye Bank
  • Skye Bank: Nigerian Stock Exchange Halts Trading

The Nigerian Stock Exchange on Friday said trading in shares of defunct Skye Bank will be suspended, effective Monday 24 September.

The decision was after the Central Bank of Nigeria revoked the license of Skye Bank on Friday and announced the establishment of a bridge bank called Polaris Bank Ltd.

Polaris Bank Ltd would be injected N786 billion by AMCON and manage the assets of Skye Bank, according to the CBN.

Polaris

Skye Bank’s market valuation stood at N10.687 billion before the announcement, while its shares were trading at 77kobo.

The volume of trade was 2,931,537 with shares outstanding of 13.88 billion. So far, the stock has returned 40 percent profit this year, up from 48 kobo to 77 kobo.

On Saturday, Skye Bank logo and name were changed on its official Twitter account to Polaris Bank. Suggesting that Skye Bank shares would be transferred to Polaris, hence, the reason for the suspension.

Polaris twitter

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Air Peace Flight Delayed, Passengers Stranded After Failed Promise of Hotel Stay

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Passengers aboard an Air Peace flight from Abuja to Owerri found themselves in a state of disarray and frustration after a series of delays and unmet promises left them stranded without accommodations.

What was supposed to be a routine flight scheduled to depart Abuja at 4:30 PM and arrive in Owerri at 5:30 PM turned into a nightmare as the flight was delayed until 6:18 PM due to a reported lack of a pilot.

However, midway through the journey, passengers were informed that the flight couldn’t proceed to Owerri because the airport there would close by 6:40 PM.

The flight was forced to return to Abuja, where passengers endured further uncertainty as they waited for over 20 minutes to receive any communication from the airline. Eventually, they were informed of plans to provide a bus to transport them to a hotel for accommodation.

However, this promise was not fulfilled, leaving passengers stranded and scattered around the airport.

One passenger, who had already experienced delays with another airline earlier in the day, expressed frustration at the lack of accountability and protection for travelers.

The incident highlights the ongoing challenges faced by passengers in Nigeria’s domestic aviation sector and raises questions about the adequacy of regulations to safeguard passengers’ rights.

Attempts to reach Air Peace for comment on the situation were unsuccessful at the time of reporting.

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Emirates Halts Check-Ins Amid Severe Weather Disruption

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Emirates Airline

Emirates, the largest international airline, has taken the unprecedented step of halting all passenger check-ins for the day.

The move comes as the emirate grapples with severe weather disturbances, including heavy rainfall and storms, leading to widespread travel chaos in one of the world’s busiest aviation hubs.

The airline announced that check-ins for all passengers would be suspended from 8 am local time until midnight, as the adverse weather conditions continue to wreak havoc on travel plans.

Despite the disruption, Emirates assured that transit passengers would still be allowed to proceed to their connecting flights.

Dubai, known for its modern infrastructure and bustling aviation industry, has been brought to a standstill by the relentless rainfall and storms.

The inclement weather has resulted in delayed or diverted flights, leaving travelers stranded and adding to the existing challenges posed by the ongoing global pandemic.

Emirates has pledged to exert all efforts to restore its scheduled operations and provide support to affected customers amidst the chaos.

However, the extent of the disruption caused by the adverse weather conditions underscores the resilience and adaptability required to navigate unforeseen challenges in the aviation sector.

As the situation unfolds, authorities and airline personnel are working tirelessly to mitigate the impact of the severe weather on travel operations and ensure the safety and well-being of passengers.

Despite the temporary setback, Emirates remains committed to maintaining the highest standards of service excellence and operational efficiency, even in the face of unprecedented challenges posed by Mother Nature.

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EFCC Recovers N32 Billion from Humanitarian Ministry Probe

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EFCC

The Economic and Financial Crimes Commission (EFCC) has announced the recovery of a sum of N32 billion from its probe into the Ministry of Humanitarian Affairs and Poverty Alleviation.

This development comes amidst allegations of financial misappropriation and fraud involving high-ranking officials within the ministry.

The EFCC’s investigation, which initially focused on the suspended Minister of Humanitarian Affairs, Betta Edu, has expanded to encompass a broader examination of financial transactions and practices within the ministry.

The probe was initiated following allegations of the unauthorized approval of N650 million payment into a private account linked to Edu.

President Bola Tinubu’s directive to investigate the allegations and the subsequent suspension of Edu from office underscore the seriousness of the matter. While Edu has denied any wrongdoing, the EFCC proceeded with its inquiry, leading to her detention and subsequent release on bail.

The agency’s investigation also extends to Edu’s predecessor, Sadiya Umar-Farouk, and the National Coordinator of the National Social Investment Programme (NSIPA), Halima Shehu.

Allegations of financial impropriety totaling N37.1 billion and the movement of N44 billion from NSIPA accounts to suspicious private and corporate accounts have prompted scrutiny of their roles in the ministry.

In a statement released over the weekend, the EFCC disclosed that its investigations into the alleged fraud have yielded significant results, with the recovery of N32 billion and $445,000 thus far.

This substantial sum reflects the scale of financial irregularities uncovered during the course of the probe.

The EFCC emphasized that its investigation is not limited to individual officials but extends to a systemic examination of fraudulent practices within the ministry.

The agency highlighted the involvement of banks in facilitating the alleged fraud, with managing directors providing valuable information to investigators.

Dele Oyewale, the spokesperson for the EFCC, reiterated the agency’s commitment to thorough investigations and prosecution of individuals found culpable.

He emphasized that no one implicated in the fraud has been cleared, and investigations are ongoing to uncover the full extent of the wrongdoing.

Beyond its efforts to combat corruption within government institutions, the EFCC is also intensifying its campaign against the abuse of the national currency and the dollarization of the economy.

The agency acknowledged the public’s support and involvement in reporting instances of currency abuse, signaling a growing awareness of the importance of preserving the integrity of Nigeria’s financial system.

As the EFCC continues its probe into the Ministry of Humanitarian Affairs and Poverty Alleviation, the recovery of N32 billion underscores the magnitude of financial misconduct within the government.

With investigations ongoing and prosecutions imminent, the EFCC remains steadfast in its mission to uphold transparency and accountability in Nigeria’s public sector.

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