Tuesday, 5 July 2016

New board takes over at Skye Bank in Nigeria

Central Bank of Nigeria (CBN) on Monday sacked top executives of Skye Bank Plc over failure to meet required capital adequacy ratio, poor liquidity ratio and high level of non-performing loans.

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.

Addressing journalists in Lagos 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.
Emefiele said 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.

Ahmad is a seasoned public sector executive with over 35 years experience spanning the public sector and the financial services industry.

He served as the pioneer Director General and Chief Executive Officer of the National Pension Commission (PenCom). He was also a pioneer staff of the Nigeria Deposit Insurance Company (NDIC) where he rose to become a director. He has also served on the board of various companies and committees including banks and not-for-profit organisations.

Abiru is a seasoned accountant and banker and was until recently an executive director in First Bank of Nigeria Limited. He was also the Lagos State Commissioner of Finance from 2011 to 2013. Abiru is a fellow of the Institute of Chartered Accountants of Nigeria.

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