CBN Takes Over Skye Bank

Skye Bank branch 

The Central Bank of Nigeria has taken over the Board and management of Skye Bank Plc after the lender failed to meet the regulator’s minimum key liquidity and capital adequacy ratios.

The Punch report continues:

The Central Bank Governor, Mr. Godwin Emefiele, disclosed this at a news conference, which was held at the CBN’s head office in Lagos.

Emefiele said the apex bank had appointed a new board and management for the bank following the resignation of the Chairman, Chief Tunde Ayeni, and Management Director/Chief Executive Officer, Mr. Timothy Oguntayo.

He said the bank’s outgoing board and management had consistently failed to turn the fortunes of the bank around despite consistent warnings from the CBN.

In place of the outgoing board and management, Emefiele said the CBN had appointed Alhaji MK Ahmad as the new chairman, while Mr. Tokunbo Abiru is the new MD/CEO.

The governor also said the CBN had removed and replaced all the non-executive directors and two longest-serving directors of Skye Bank.

The CBN boss urged shareholders and customers of the bank to remain calm, stressing that the bank was not in distress.

“I maintain that Skye Bank is not in distress. We have only taken this unavoidable decision to ensure that depositors’ funds are not eroded,” he said.