Skye Nigeria Bank in talks to raise 30 bln naira before year-end

Nigeria's 36 states have debts of 658 billion naira ($3.3 billion), and one way out of the credit crunch would be for banks to extend the maturity of loans made to them as much as 20 years, one of the state governors has said.

  • Published:
Nigeria Bank in talks to raise 30 bln naira before year-end play

Nigeria Bank in talks to raise 30 bln naira before year-end

(Theheraldng)
24/7 Live - Subscribe to the Pulse Newsletter!

Nigeria's Skye Bank is in talks with existing and new investors to raise 30 billion naira ($150.75 million) before year-end to bolster its capital base, its chief executive officer said on Monday.

CEO Timothy Oguntayo said the central bank was restructuring 27 billion naira short-term loans it made to Nigerian state governments to 20-year maturities, paying a 16 percent coupon.

Nigeria's 36 states have debts of 658 billion naira ($3.3 billion), and one way out of the credit crunch would be for banks to extend the maturity of loans made to them as much as 20 years, one of the state governors has said.

Do you ever witness news or have a story that should be featured on Pulse Nigeria?
Submit your stories, pictures and videos to us now via WhatsApp: +2349055172167, Social Media @pulsenigeria247: #PulseEyewitness & DM or Email: eyewitness@pulse.ng. More information here.