Bank of Industry

Nigeria’s Skye Extends Decline to Record Low as Diamond Falls

Posted on by The Editorial Team
Nigeria’s Skye Extends Decline to Record Low as Diamond Falls

LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s Diamond Bank Plc and Skye Bank Plc slumped for the straight third day after the central bank stepped in to remove Skye’s top management a week ago. Skye Bank plummeted 9.2 percent to 79 kobo, a fresh all-time low by the close of trading, and Diamond Bank slid by 8 percent to 1.85 naira, the lowest since May 19. Skye’s stock has fallen by 25 percent since the July 4 intervention by…

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Moody’s puts three Nigerian banks on review for downgrade

Posted on by The Editorial Team
Moody’s puts three Nigerian banks on review for downgrade

LAGOS, Nigeria, Capital Markets in Africa — Moody’s Investors Service has placed on review for downgrade the long-term ratings of three Nigerian banks—Access Bank plc (Ba3/B1 RUR down, b2 RUR down), Sterling Bank plc (B2 RUR down, b3 RUR down) and Bank of Industry (Ba3 RUR down). In a statement, the ratings agency said that the reviews are driven by the potential weakening of the Nigerian Government’s capacity and willingness to provide support to the…

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