Skye Bank to inject $150m into power sector

Power TransmissionSkye Bank plans to inject about $150 million (N24 billion) in the Nigerian power sector in this year, its group managing director said on Monday.

Mr. Kehinde Durosinmi-Etti stated this at the bank’s pre-Annual General Meeting media briefing in Lagos, where he stated that Skye Bank would be investing between $100 million and $150 million in the power sector.

To help accomplish this, he said the bank plans to raise N50 billion tier one capital for long-term investment purpose.

The group managing director said the bank had commenced upgrading of its hardware and software which would be concluded in 2013 to ensure efficient service delivery to all its customers, according to the News Agency of Nigeria.

He also disclosed that the bank plans to open 12 new branches and 12 new cash centres across the country to improve its operational efficiency.

The group managing director further stated that the bank had divested from all its non-bank subsidiaries in line with the directive of the Central Bank of Nigeria, CBN.

Speaking on the bank’s performance for the 2012 financial year, he said that gross earnings grew by 25 per cent to N127.78 billion from N102.48 billion recorded in 2011.

According to him, the bank’s profit before tax rose by 481 per cent to N16.52 billion from N2.84 billion recorded in 2011.

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