Skye bank bosses resign in fear of CBN sack

The Central Bank of Nigeria has sacked the management team of Skye Bank over capital adequacy issues, according to reports on Monday.

Chief Executive Timothy Oguntayo, who led Skye Bank’s acquisition of Mainstreet Bank in 2014, resigned before the Central Bank’s announcement due later on Monday.

It would be recalled that the regulator last year gave three commercial banks until June 2016 to recapitalise after they failed to hit a minimum capital adequacy rate of 10 percent.

“It’s about capital adequacy,” the source said.

Skye Bank and Central Bank have declined to comment.

Skye Bank is designated as one of Nigeria’s “systemically important” banks due to the size of total sector deposits it holds after the acquisition of Mainstreet Bank. This means it has to hold a higher amount of capital.

Skye Bank shares fell 9.5 percent to 0.95 naira.

According to Sahara Reporters, the CBN has however, approved Alhaji Muhammad K Ahmad as the new Board Chair of Skye Bank while Tokunbo Abiru becomes the new GMD/CEO.

Leave a reply

Your email address will not be published. Required fields are marked *

cool good eh love2 cute confused notgood numb disgusting fail