Skye Bank Assures Shareholders, As Investors Dump Shares

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The newly inaugurated board of directors of embattled Skye Bank Plc has assured shareholders of the bank that their investment is intact. Speaking to market operators in Lagos, Chairman M.K Ahmed said the Central Bank of Nigeria only intervene, pointing out that the bank still belong to the shareholders.

He said they will come back to give stock brokers full report on the situation of things once they settled down, as CBN has assured that the bank will be supported in whatever means. Alhaji Ahmed noted that one of the issue the bank faced was lack of corporate governance, which the new board will address going forward.

On his part the new Managing Director / Chief Executive Officer Mr Tokunbo Abiru said they will be focusing on the Cost to Income Ratio, Assets Quality and Liquidity and Capital Adequacy. Abiru said they will make sure that these key areas are brought to an acceptable level.

Responding un-behalf of stock brokers, the Doyen of the day Alhaji Rasheed Yusuf advised the new management team to work hard and very fast to reassure shareholders, pointing out that he has tried to sell about 150 million units of Skye Bank shares, but no buyers rather shareholders are all selling.

The apex bank reconstituted the board of Skye Bank Plc on Monday July 4, 2016, with the appointment of Alhaji M.K. Ahmad and Mr. Tokunbo Abiru as the new Chairman and Managing Director respectively. Other members of the reconstituted board are Bayo Sanni, Idris Yakubu, Markie Idowu and Abimbola Izu.

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