CBN Takes over Skye Bank



The Central Bank of Nigeria took over the board and management of Skye Bank, today, 4th July, 2016.

At a news conference in the CBN Headquarters, the Central Bank Governor, Mr Godwin Emefiele disclosed the reason for the takeover to be the negligence and disregard of the bank to turn the fortunes of the bank around despite repeated warnings from the Central Bank.

In place of the Board, Alhaji MK Ahmed was appointed as the new Chairman and Mr Tokunbo Abiru as the MD/CEO. Also removed from office were all non-executive directors and the two oldest serving directors of the Bank.

Mr Emefiele stressed that that the customers of the bank shouldn’t panic, as the decision is taken for their benefit, to avoid depositors’ funds being ‘eroded’.

Obviously this serves as a warning for other banks, if any, that have neglected the directives of the Central Bank.

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