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CBN Takes over Skye Bank for Failure to Meet Liquidity, Capital Ratios


This is bad times for Skye Bank Plc as the Central Bank of Nigeria has taken over the Board and management of Bank.
The Ake over followed the lender’s failure to meet the regulator’s minimum key liquidity and capital adequacy ratios.
The Central Bank Governor, Godwin Emefiele, disclosed this in Lagos, Monday afternoon.He said the bank’s outgoing board and management had consistently failed to turn the fortunes of the bank around despite consistent warnings from the CBN.
Emefiele said the apex bank had appointed a new board and management for the bank following the resignation of the Chairman, Chief Tunde Ayeni, and Management Director/Chief Executive Officer, Timothy Oguntayo.
Emefiele said the CBN had appointed Alhaji MK Ahmad as the new chairman, while Mr. Tokunbo Abiru is the new MD/CEO to replace the outgoing one.
The governor urged shareholders and customers of the bank to remain calm, stressing that the bank was not in distress.
“I maintain that Skye Bank is not in distress. We have only taken this unavoidable decision to ensure that depositors’ funds are not eroded,” he said.


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