Lagos allays civil servants’ fears of cash crunch in Skye Bank

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OrijoReporter.com, cash crunch in skye bank

The Lagos State Government has moved to calm fears of civil servants under its employ banking with the Skye Bank, assuring them the bank has ample cash available to continue with normal operations following change of the bank’s management

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The assurance given to the civil servants that Skye Bank has good financial health was contained in a circular the states Permanent Secretary Ministry of Finance/Accountant General, Mrs. A. S Umar released on Wednesday, and circulated to the states MDA and Local Governments.

In it, Mrs. Umar noted that Lagos State Government is a major stakeholder in Skye Bank, advising public servants not to embark on panic withdrawals unfounded rumours about the bank triggered.

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The fifth biggest economy in Africa, Lagos State potential to generate more revenue was recently boosted following confirmation of oil production. Under the terms of Nigeria’s resource control, as an oil-producing state, Lagos will be entitled to 13percent cut of revenues generated by the federal government through its oil and potentially earning millions of dollars.

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