Central Bank of Nigeria Takes Over Skye Bank

 

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.
This was disclosed by the Governor of Central Bank Mr Godwin Emiefele at a news conference held at CBN head office in Lagos.

According to Emefiele, 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.
Emiefele 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.