CBN Appoints New Directors for Skye Bank

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The apex bank on Monday after sacking the Board and Management of Skye Bank Plc, appointed New Board Chairman and Managing Director that will run the affairs of the bank on an interim arrangement.

The new Chairman is Alhaji M.K Ahmad, a former Director General of PENCOM and a retired Director from NDIC, while the new Managing Director is Mr. Tokunbo Abiru, a former Commissioner of Finance in Lagos State.

The apex bank also said two Executive Directors and five Non- Executive Directors that will work with the Board Chairman and Managing Director has been appointed.

The CBN Governor Godwin Emefiele in an emergency press briefing today said that key personnel and the board of Skye Bank had been relieved of their posts, he said the tsunami affected the Board Chairman, all Non- Executive Directors, Managing Director, Deputy Managing Director, the two longest serving Executive Directors on the management team were all relieved of their positions.

He said that the bank has been on the monitoring list of CBN since late last year when the apex bank noticed that all their key indicators were below the CBN threshold, he added that they did not listen to the advice given to them by the regulators, the financial experts and other stakeholders on what has been happening to their Non-Performing Loans, the Capital adequacy ratio and the banks liquidity position which has been weakened.

The Governor said CBN will be failing in its duties if it refused to intervene and nip these in the bud, that means CBN will fail in its responsibilities, He explained that the Chairman and other Board members resigned voluntarily with immediate effect. CBN will always kick against any threat to financial stability and zero tolerance, says the Governor.

He said that despite the sack, the bank is still safe and sound, that customers should not panic, the bank is not  “DISTRESSED”. normal banking activities continue and depositors money are being protected. Emefiele said good strategic health of the bank is paramount to the regulator so he advised the depositors and shareholders to be calm, he reiterated that  “No depositor will lose its money, it is just for the new management to turn around the bank with their local and international experience.

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