Skye Bank Plc gets new Managing Director and chairman

Skye Bank PLC

Skye Bank PLC gets new MD, chairman as CBN takes over.

 Mr Adetokunbo Abiru, a Harvard Business School graduate who headed Investment Banking at First Bank of Nigeria Ltd., is the Managing Director/CEO.
while, Muhammad K. Ahmad, the pioneer Director-General/CEO of the National Pension Commission (PENCOM), is the chairman

Ahmad is a seasoned public sector executive with over 35 years of distinguished experience spanning the public sector and the financial services industry. He is a pioneer member of the staff of the Nigeria Deposit Insurance Company (NDIC) where he became a director.
He has been on the board of various companies and committees, including banks and not-for-profit organisations.

While ,Abiru an accountant, was Lagos State Commissioner for Finance from 2011 to 2013 and is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN).

Central Bank of Nigeria (CBN) Governor Godwin Emefiele announced the changes at a media briefing in Lagos, said the regulatory action followed poor liquidity ratio and capital adequacy hitches, as well as rising cases of non-performing loans found to be hurting the lender’s balance sheet positions

Central bank of Nigeria decided to act before the problems confronting the lender reached an irreversible state, adding that the appointments are solely to ensure a speedy restoration of the health of the lender.

The CBN Governor  also announced the sacking of all non-executive directors and independent directors on the board of the bank as well as the deputy managing director and the two longest-serving executive directors. But the more recently appointed executive directors will remain to ensure continuity and smooth transition, that Skye Bank’s liquidity and non-performing loan ratios have been below and above the required thresholds, respectively, for quite a while,”

The CBN hereby assures depositors, shareholders and all relevant stakeholders that there is no reason for concern or panic as we seek their continued cooperation at this time.

 It is our expectation that the shareholders and remaining executive directors will work seamlessly with the new team to ensure that the fortunes of the bank are restored in the shortest possible time,” he said.
Emefiele explained that since Skye Bank is a domestic Systematically Important Bank (SIB) with significant interconnectedness, the CBN would be failing in its duties if it does not take immediate action to nip the steadily declining health of the bank in the bud and correct the situation.

“In view of the long grace period allowed the bank to correct the situation, we came to the conclusion that although the existing board had done its best to steer the ship, it had come to a realisation that it would be unable to bring the bank out of its present precarious situation. Fortunately, and in the overall interest of the bank, the Chairman and some board members have decided to resign their appointments from the bank,” he said.
Source: The nation

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