The Central Bank of Nigeria (CBN) has replaced the management team and board of the Skye Bank Plc on Monday with immediate effect.
This was disclosed in a press release signed by the CBN’s Ag. Director, Corporate Communications, Isaac Okorafor on Monday in Abuja.
The Director said this followed after the resignation of most members of the management team.
The Apex bank replaced the key Personnel with new ones to immediately take over the affairs of the bank.
The CBN decision was not far from 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 CBN said that these changes are relate to 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.
“Consequently, by virtue of the powers vested in the Governor of the CBN, we have decided to reconstitute the Board and Management of the bank, and appoint new members with the sole responsibility of ensuring the speedy restoration of the health of the bank.
“In this regard, we have selected Alh. M. K. Ahmad to be the new Chairman while Mr. Adetokunbo Abiru would be the new Managing
Director. The more recent executive directors will be allowed to remain to ensure continuity and a smooth transition.
“As some of you may know, Alh. M. K. Ahmad is a seasoned public sector executive with over 35 years of distinguished 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).” The CBN said.