CBN takes over Skye Bank

The Central Bank of Nigeria has taken over the Board and management of Skye Bank Plc  as a result of the persistent failure of Skye Bank to meet minimum thresholds in critical prudential and adequacy ratios, which has culminated in the bank’s permanent presence at the CBN Lending Window.

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.

With this, the chairman, all non-executive directors on the board as well as the managing director, deputy managing director, and the two longest-serving executive directors on the management team were also removed.

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.