The Nigerian Stock Exchange has issued a press release confirming that the Skye Bank Nigeria Plc has dissolved its board and management. According to the Press Release, all the non-Executive Directors and Independent Director all resigned from the board of the bank.
In addition to that, the Managing Director of the bank, Mr Timothy Oguntayo also resigned along with his deputy, Mrs. Amaka Onwughalu and two other executive directors Mr. Dotun Adeniyi andMrs. Ibiye Ekong respectively.
The bank also announced that the CBN has approved the appointment of Alhaji M.K Ahmad as the new Chairman of the Board, while Mr. Tokunbo Abiru has been appointed as the new Group Managing Director and CEO. Messrs. Bayo Sanni, Idris Yakubu, Markie Idowu and Abimbola Izu will continue in office as Executive Directors of the Bank.
It is unclear why the Board of the bank was sacked. However, our analysts opine the board may have been dissolved due to the financial state of the Bank. Skye Bank is yet to release its 2015 FY results delaying it now by over 6 months. Nairametrics reported some weeks back that the bank may likely have a negative equity following several right down of its bad loans.
The Central Bank of Nigeria is yet to make any official pronouncement on the matter, however we understand that this is not a “takeover” of the bank. The CBN is expected to give the new management a timeframe to recapitalize the bank. AMCON is therefore not expected to own any form of equity in the bank.
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Skye Bank over a year ago purchased 100% of Mainstreet Bank from AMCON. Mainstreet bank was one of the banks takeover by the CBN a few years ago to avoid it getting collapsed.