The Managing Director and some top management of Skye Bank of Nigeria today resigned in anticipation of the planned dissolution of the board and management cadres by the Central Bank of Nigeria (CBN) which has discreetly worked on removing directors of some commercial banks that have demonstrated a level of distress in the last few months. All the non-executive directors of the bank also resigned in anticipation of a clampdown by the CBN.

 Saharareporters had revealed in November 2015 that at least nine commercial banks led by Skye Bank had issues with their liquidity and had been ordered by the Central Bank to raise fresh capital. The resignation of the management at Skye Bank was a pre-emptive action by the bank to avoid a total clampdown by the CBN as it plans to remove directors in banks with bad debts in the next few days.

Rotimi Oguntayo CBN letter to Skye Bank

 

You may also like

Read Next