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Skye Bank

SKYE BANK CRISES : CBN Dissolves Board of Directors

4 July 2016 National

The Central Bank of Nigeria has sacked the chairman, Olatunde Ayeni, and the Managing Director, Timothy Oguntayo of Skye Bank.


 In a press briefing held on Monday in Lagos, the CBN dissolved the bank’s board of directors, the Chairman and Chief Executive Officer also resigned, while four non-executive directors were retained.

The new Chairman of Skye Bank is Mr Muhammad Ahmad, a former Central Bank official, a former head of the Pension Commission and former Chairman of First Bank Nigeria.

The apex bank has appointed Mr Tokunbo Abiru as new MD, and Alhaji M K Ahmad as Board Chairman.

The financial regulator says, however that the bank is not distressed but has fallen below the regulated capital adequacy ratio.

On Monday, Skye Bank shares fell 9.52% to 95 kobo as investors sold almost 11 million shares of the lender whose 2015 financial statements are yet to be released to the market.

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