The Central Bank of Nigeria today sacked the management team of Skye Bank over capital adequacy issues. The bank's top executives on getting wind of their impending sack, resigned en-mass this morning.
The bank's Chairman, Tunde Ayeni and its Managing Director, Rotimi Oguntayo, led other executive and non-executive board members to tender their resignation before the apex bank announced the dissolution of the bank's management team this afternoon.
The CBN Governor, Godwin Emefiele, disclosed this at a press conference, 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, Timothy Oguntayo.
CBN will manage the affairs of the bank for some time.
The bank, according to financial experts, has been distressed for a while.
Report according to LIB has it that panicking customers of Skye Bank besiege bank offices to withdraw their money after news of CBN firing the bank's management team broke this afternoon
CBN APPOINTS NEW CEO TO HEAD SKYE BANK
Meanwhile, the Central Bank of Nigeria, Monday, appointed Tokunbo Abiru as the new General managing Director (GMD) of Skye Bank PLC.
The Apex bank took control of the bank today, dissolving the bank’s management over its inability to meet the required 10% capital adequacy ratio.
The CBN had issued a warning letter to the bank to ensure that it recapitalise to meet the benchmark CAR. It was rumoured that the bank received an undisclosed amount from an investor but the bank could not avert the takeover.
Until his appointment, Adetokunbo Mukhail Abiru was an Executive Director at First Bank Limited and was the former Commissioner of Finance, Lagos during Babatunde Fashola’s administration.
He is a Fellow of the Institute of Chartered Accountant of Nigeria and Honorary Senior Member, The Chartered Institute of Bankers of Nigeria, with extensive experience in banking and consulting spanning over 20 years, Abiru holds a Bachelor of Science degree in Economics from Lagos State University.
He joined FirstBank in 2004 and was at various times the relationship Team Leader, Retail Banking; Business Development Manager, Lagos (Ikeja1); and Group Head, Corporate Banking.
He also attended various executive management programmes in top rated business schools, including Lagos Business School and Harvard Business School.
CBN APPOINTS NEW CEO TO HEAD SKYE BANK
Meanwhile, the Central Bank of Nigeria, Monday, appointed Tokunbo Abiru as the new General managing Director (GMD) of Skye Bank PLC.
The Apex bank took control of the bank today, dissolving the bank’s management over its inability to meet the required 10% capital adequacy ratio.
The CBN had issued a warning letter to the bank to ensure that it recapitalise to meet the benchmark CAR. It was rumoured that the bank received an undisclosed amount from an investor but the bank could not avert the takeover.
Until his appointment, Adetokunbo Mukhail Abiru was an Executive Director at First Bank Limited and was the former Commissioner of Finance, Lagos during Babatunde Fashola’s administration.
He is a Fellow of the Institute of Chartered Accountant of Nigeria and Honorary Senior Member, The Chartered Institute of Bankers of Nigeria, with extensive experience in banking and consulting spanning over 20 years, Abiru holds a Bachelor of Science degree in Economics from Lagos State University.
He joined FirstBank in 2004 and was at various times the relationship Team Leader, Retail Banking; Business Development Manager, Lagos (Ikeja1); and Group Head, Corporate Banking.
He also attended various executive management programmes in top rated business schools, including Lagos Business School and Harvard Business School.