A new board has taken over the reigns at Skye bank in Nigeria.
This is with the voluntary resignation of the former Chairman, Dr. Tunde Ayeni, Group Managing Director / CEO, Timothy Oguntayo, the Non – Executive Directors of the Bank, namely, Victor Odozi, Babajide Agbabiaka, Dr. Jason Fadeyi, Kunle Aluko, Victor Adenigbagbe, Abdul Bello and Hajiya Amunna Lawan Ali. Others affected are Amaka Onwughalu, Dotun Adeniyi and Ibiye Ekong who resigned their positions as DMD, and Executive Directors.
With the CBN approved reconstitution of the Board of Skye Bank PLC, Alhaji M.K Ahmad is now the new Chairman of the Board, while Tokunbo Abiru has been appointed as the new Group Managing Director and CEO. Messrs. Other members of the reconstituted Board are Bayo Sanni, Idris Yakubu, Markie Idowu and Abimbola Izu, all of whom were serving in the capacity of Executive Director of the Bank prior to now.
The reconstitution of the board is not unconnected with the dismal performance of the bank. The bank made repeated forays to the central bank’s discount window (lending window) opened penultimate week when the central bank sucked out N1.3 trillion from the banking system through the Secondary Market Intervention Sales (SMIS) inthe interbank forex market.
Addressing journalists in Lagos on Monday, CBN Governor, Mr. Godwin Emefiele, said the central bank took what he described as a proactive step in order to save the health of the bank from further deteriorating.
In a bid to correct the anomalies in the bank, Mr Emefiele said the CBN had several meetings with the management and board of Skye Bank as part of its strategy of close engagement whenever a bank’s financial or governance situation poses potential threats to the overall stability of the financial system.
He went further to explain that despite the expectation of the relevant regulators, market watchers, financial analysts and interested stakeholders, Skye Bank should have been doing much better, but what was evident was the opposite.
Given the aforementioned issues and the fact that Skye Bank is a domestic Systematically Important Bank (SIB) with significant interconnectedness, he said the CBN would be failing in its duty if it did not take immediate action to nip the steadily declining health of the bank in the bud and correct the situation.
The change of the board is with immediate effect.
