BREAKING NEWS: CBN takes over Skye Bank

Posted by Amechi Obiakpu, Lagos | 4 July 2016 | 3,196 times

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The Central Bank of Nigeria (CBN) has stepped in to rescue Skye Bank plc by appointing a new management team for the financial institution. This was announced Monday afternoon by the Governor of CBN, Mr. Godwin Emefiele. He said the decision became necessary to save the bank from sliding into an irreversible situation.

The apex bank boss however assured depositors that the bank is not in distress but still healthy.

“CBN has been meeting with the old board of Skye Bank eventually the chairman and some board members had to resign,” Emefiele said at a press conference at CBN Headquarters Annexe, Lagos.

Continuing, he said: “There three key areas of a bank: MPL, Capital Adequacy and Liquidity situation and what we have seen is that all these have been weakening in the bank. We decided to step into the bank to avoid a situation where depositors’ funds will get into risk.

“The strategic health of the bank remains strong. The new board will be managed by Alhaji M. K. Ahmad (Chairman) and Mr. Tokunbo Aberu (MD), a seasoned banker and until recently a Director of First Bank, and five other Non-Executive Directors.”

•Photo shows CBN Headquarters.

Source: News Express

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