Less than a week after Lagos State Government directed all its Agencies, Ministries and parastatals to increase business relationship with Skye Bank, another State of the federation, Kogi State has re-appointed the Bank as its lead collecting Bank for the State Internally generated Revenue and services.
The news of the re-appointment of Skye Bank was contained in a letter signed by the State’s Accountant General, Alhaji Momoh Jibrin and addressed to the Group Managing Director and Chief Executive of the Bank, Tokunbo Abiru.
Dated July 18 with reference number KSG/TRY/2/S.07/VOL.II/20, the four paragraph letter titled: Re-appointment as Lead Collecting bank for Kogi State Internally Generated Revenue (IGR) and Services lauded the track record of the Bank in meeting its obligations and responsibilities which informed the decision of the State government to re-appoint the lender, even as it promised continued patronage of Bank by the state.
It stated: “We wish to inform you of the State Government’s decision to re-appoint your bank as lead collecting bank for the Kogi State IGR and services. Please accept the assurance of the state government’s highest regards and continued patronage.
Kogi State, popularly referred to as Confluence State, has in its labyrinth confluence of River Niger and River Benue with its capital, Lokoja, being the first administrative capital of modern-day Nigeria.
Historically, Agriculture is the mainstay of the State economy, with abundance of other mineral resources like coal, steel and other mineral industries. There are many Farm produce from the state notably coffee, cocoa, palm oil, cashews, groundnuts, maize, cassava, yam, rice and melon.
Mineral resources include coal, limestone, iron, petroleum and tin. The state is home to the largest iron and steel industry in Nigeria known as Ajaokuta Steel Company Limited and one of the largest cement factories in Africa, the Obajana Cement Factory, owned by Africa’s richest man, Aliko Dangote.
A cross section of the media had last week reported Lagos State Government commendation of Skye Bank Management wherein the state promised to partner the financial Institution on Business Development, mandating all Ministries, parastatals and Agencies to continue to transact business with the Bank.
The Lagos State Government had expressed its confidence on the Board and management and leadership of Skye Bank noting that the bank is safe and in good financial health.
Quoting a circular released and endorsed by the Permanent Secretary, Ministry of Finance/Accountant General, A. S Umar (Mrs), and circulated to the state’s MDA, Ministries and Local Governments, the media alluded to the state Government assertion as a major stakeholder in Skye Bank; and therefore enjoined its Public Servants to desist from panic withdrawals as negative rumours making rounds against the bank were unfounded.
Lagos State economy with a population of about 21 million, with four million in the middle class, has been described by the local and international agencies as Africa’s fifth largest economy in GDP which is estimated at about $131bn.
Skye Bank has track record and pedigree of providing financial and innovative solutions to the economy of Lagos state – providing pivotal role in the transformation of the state and its constituent’s local councils, MDA, Ministries and several agencies of government and the other two arms of government.
Over 150 of the more than 400 branches and business centers of the Bank across Nigeria are located in Lagos providing the needed financial backbone for the growth of institutions, businesses and residents of the mega city.
Skye Bank is renowned as Nigeria’s leading IGR and service financial provider and is credited to have developed IGR and employee biometric solution that has been deployed for the enhancement of IGR collections and abolition of Ghost worker syndrome in several states in Nigeria. Skye Bank has assisted several states in Nigeria to execute transformative and life-impacting projects through enhanced Internally Generated Revenue(IGR) and plug leakages and wastages from the hitherto rampant cases of ghost workers syndrome through which several billions of naira were lost to hundreds and thousands of non-existent workers on the payroll of several states. These renewed confidence from the States, businesses and business owners in the Bank is expected to further boost the Banks capacity as Nigeria’s leading retail and commercial Bank.
