Skye Bank Dragged To Court Over Multi-Billion Naira Fraud

In recent times, Skye Bank has been in the news for the wrong reasons and it is gradually giving some people the impression that sooner or later, the financial institution would become one of the notorious banks that breed fraudsters, especially if urgent steps are not taken to tackle its dwindling reputation.

It would be recalled that not too long ago, one of its customers in Delta State alleged the bank of fraudulent charges from its account, which Skye Bank later denied and claimed the company was trying to blackmail them.

The latest development may be giving the new management of Timothy Oguntayo-led Skye Bank Plc sleepless nights and must have been running from pillar to post to find a lasting solution to what looks like a landmark legal action presently rocking the financial institution, almost to its base, National Enquirer reports.

Skye Bank Plc is facing one of the toughest fraud cases of all time, a whopping N7 billion suit preferred against it by one of its clients, Jorotom International Agency Nigeria Limited.

According to the statement of claims, the plaintiffs; Jorotom and its subsidiary, National Clearing and Forwarding Agency are alleging fraud, excess charges, greed, high handedness, betrayer and large scale scam on the part of Timothy Oguntayo-led bank and has since sought a legal redress to get its pound of flesh as a result of the monumental racket the bank has perpetrated.

Tracing the genesis of the chumming business relationship that later went sour, we gathered that, the managing director of the international agency, Jorotom, Snr. Evangelist John Omotosho had approached the management of Skye Bank in his bid to acquire one of the multi-billion Naira federal government agencies, National Clearing and Forwarding Agency, NACFA when it was declared to be sold years back.

We were reliably informed that, Skye Bank, as the financier had injected a whopping N3.6billion into the acquisition with a view to supporting Jorotom’s vision and later get its investment back through a mutual conformity and business co operation both parties had agreed.

Informed sources disclosed to this office that, no sooner had the company commenced business than Skye bank moved in by forcefully demanding that, some of its top staffers be drafted on the company’s (NAFCA) board as directors and not just that, they were planted in strategic positions to run the affairs directly.

Quoting the court papers made available to National Enquirer, “the agents/staff of Skye Bank which were drafted to NAFCA as directors and the offices they held are:  Kehinde Durosinmi-Etti (Chairman), Olorunfemi Peter (Executive Director) and Bayo Sarunmi (Finance Director) respectively. These top echelon of Skye Bank which include the immediate past managing director were forcefully planted to run the day to day affairs of the company including receiving and disbursing of funds in a bid to equip their money by fire by force.

We were told that, in its process of running the company, Skye Bank via its agents was excessively charging the company aside other frivolous spending that almost dwindle its fortune. Sad enough is the fact that, the bank later withdrew its agents and declared the firm unfit to pay its bills, thereby inviting the Asset Corporation of Nigeria, AMCON, another federal government agency created as a key stabilizing and re-vitalizing tool to revive the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy to take over.

All efforts by Jorotom International agency’s management to resolve the matter amicably via its auditors, Biyi Adeniran & Co. were futile as even when the auditors detected a large scale fraud, Skye Bank was so adamant in offering the company for AMCON in order to safe its face.

There are other damaging expose which the auditors, Biyi Adeniran uncovered against Skye Bank, all these are what the Plaintiff, Jorotom International agency is relying on to prosecute its case and its team of lawyers have promised to make the full report of the large scale fraud against Skye Bank available to this office as events unfold in court.

Efforts to reach those in the corporate affairs department of the bank proved abortive as at the time of filing this report.

Additional report by National Enquirer Magazine.