As a consequence of its 2015 appraisal exercise, Skye Bank has announced that it has sacked 175 employees who failed the exercise.

This announcement follows the blocking of some Skye Bank accounts by the Economic and Financial Crimes Commission (EFCC) for refusing to remit N6.3 billion into the Treasury Single Account (TSA). The EFCC also invited top bank officials for questioning including Timothy Oduntayo, the Managing Director of Skye Bank, and the Chief Compliance Officer.

Skye Bank logo

According to EFCC reporters speaking with SaharaReporters in March 2016, “there is strong suspicion that the funds were covertly hidden from the government as only the bank and members of the committee that had long wounded up operation are aware of its existence.”

SaharaReporters also reported in 2015 that Skye Bank was “facing a serious level of distress that could lead to its total collapse” as a consequence of capital liquidity issues, according to regulatory sources.

According to a press release issued by the bank, the appraisal exercise revealed that 175 employees’ performances fell below the company’s standards. The statement explained that factors such as “low productivity” and “disciplinary issues” went into consideration in the evaluation exercise.

The bank thanked the affected staff and expressed its appreciation for their work.

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