Information reaching Nairametrics suggest the Central Bank of Nigeria may have dissolved the Board of Skye Bank Plc. Sources within the bank also inform Nairametrics that the Managing Director and CEO, Mr Timothy Oguntayo of the Bank has also “resigned”. A new CEO Mr Adetokunbo Abiru has replaced him as the new MD.
It is unclear why the Board of the bank was sacked. However, our analysts opine the board may have been dissolved due to the financial state of the Bank. Skye Bank is yet to release its 2015 FY results delaying it now by over 6 months. Nairametrics reported some weeks back that the bank may likely have a negative equity following several right down of its bad loans.
The Central Bank of Nigeria is yet to make any official pronouncement on the matter. Skye Bank over a year ago purchased 100% of Mainstreet Bank from AMCON. Mainstreet bank was one of the banks takeover by the CBN a few years ago to avoid it getting collapsed.
More to follow…
The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.