Money

CBN Extends Mandate of Directors of Skye Bank to 2020

Mr Muhammad K. Ahmad,

 

The Central Bank of Nigeria (CBN) on Wednesday said it has extended the mandate of the board of directors of Skye Bank Plc for an additional two years to 2020.

The company disclosed this through a notice signed by Babatunde Osibodu, company secretary/general and made available to the Nigerian Stock Exchange (NSE).

The notice further reads: “We wish to inform the Nigeria Stock Exchange, the Bank’s esteemed shareholders and other stakeholders that the Central Bank of Nigeria (CBN) has renewed the mandate of the bank’s board of directors for an additional two-year term till June 30 2020”, the notice said.

“In the two years of the board’s mandate, the team has stabilized of the institution, entrenched sound corporate governance and risk management practices, and restored depositors’ confidence,” Osibodu added

“In recognition of the stellar performance of the board, the CBN has renewed the board’s mandate for an additional two-year term till June 30, 2020.

“We wish to assure the Bank’s shareholders and all stakeholders of the commitment of its Board and Management, working with the CBN and other regulators, to conclude various initiatives to achieve a positive and lasting turn around for the Bank and deliver value to its stakeholders,” the notice affirmed.

The lender said within two year of assumption of duty of the reconstituted board, it achieved laudable milestones especially as it concerns recovery in excess of over N94 billion in bad loans from chronic debtors, streamlined its branch network; divested from four local subsidiaries.

It also enhanced collateral documentation and its overall risk management practices, among several other transformational initiatives.

“Skye Bank assures its stakeholders: customers, employees, shareholders, institutional partners and regulators of its continuing commitment to the success and sustainability of the institution.”

It would be recalled that July 4 2016, the CBN intervened in the management of Skye Bank and reconstituted its board to pave way for a new team to take charge of the affairs of the lending institution and resolve various issues that were hindering the optimal performance of the institution.

The Board are Alhaji M.K Ahmad; while Mr. Tokunbo Abiru is the new Group Managing Director and CEO.  Other members of the reconstituted Board are Bayo Sanni, Idris Yakubu, Markie Idowu and Abimbola Izu, all of whom were serving in the capacity of Executive Director of the Bank prior to now.

The reconstitution of the Board followed the voluntary resignation of the former Chairman, Dr. Tunde Ayeni and other Non – Executive Directors of the Bank, namely, Mr. Victor Odozi, Mr. Babajide Agbabiaka, Dr. Jason Fadeyi, Mr. Kunle Aluko, Mr. Victor Adenigbagbe, Mr. Abdul Bello and Hajiya Amunna Lawan Ali. In the same vein, Mr. Timothy Oguntayo had resigned his position as Group Managing Director / CEO, alongside Mrs. Amaka Onwughalu, Mr. Dotun Adeniyi and Mrs. Ibiye Ekong who resigned their positions as DMD, and Executive Directors.

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