Chief Executive Timothy Oguntayo, who led Skye Bank to acquire nationalized lender Main-street Bank in 2014, resigned before a central bank announcement on Monday. Nigeria’s central bank sacked top executives of Skye Bank over capital adequacy issues, a source with knowledge of the matter told Reuters on Monday.
Last year, the central bank gave three commercial banks until June 2016 to recapitalize after they failed to hit a minimum capital adequacy rate of 10 percent. The Central Bank of Nigeria will partially take over the bank today. The development comes as the bank has been deemed ‘unhealthy’ and is a measure to prevent a total collapse of the financial institution. Skye Bank is thought to have an estimated non-performing loan portfolio of N700 billion, much of which is due to an overexposure in the oil and gas sector. All the directors and executives at the bank save for three executives who joined the bank last year have been shown the door.
It remains unclear whether the Bank will eventually be nationalised but the Central Bank Governor, Godwin Emefiele is expected to clear that up before the end of the week.
I am a metro reporter on Gistmania, I have been publishing news materials for over 5 years
Posted: at 4-07-2016 02:35 PM (7 years ago) | Hero
Is this not the same set of directors of a banks that approved the mass retrenchment of innocents skye bank workers as publicly decleared on the 30th of May 2016 without due entitlements paid to affected staff?This is serious.I am sure. NGIGE will not fight for these sacked bank directors when the stakeholders meeting holds later this week. How else could they have displayed their obvious incompetence rather than sacking sub ordinates without due reference to labour law just to justify their non performance?
Posted: at 4-07-2016 05:32 PM (7 years ago) | Hero
I still have N1250 in my account. I'm going to use the ATM to withdraw N1000 and enter the bank to withdraw the balance over the counter. I cannot allow them to swallow my money
Posted: at 4-07-2016 05:33 PM (7 years ago) | Hero
Some people really need to be careful... Seriously then really need to be careful.... Well life most goes on sha, I just they waka pass. I will soon waka come again and latterly waka go....
Posted: at 5-07-2016 08:47 AM (7 years ago) | Hero
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