The Central Bank of Nigeria (CBN) has announced M. k Ahmad and Tokunbo Abiru the new Chairman and Chief Executive Officer of Skye bank respectively. Both of them are now to bear the burden of turning around the bank’s huge liquidity challenge and quickly save it from collapse.
CBN’s announcement came shortly after the bank’s former Chairman, Olatunde Ayeni; Managing Director, Timothy Oguntayo; the Deputy Managing Director, Non Executive Directors; Independent Directors; and the two longest serving Executive Directors all voluntarily resigned just ahead of a central bank pronouncement that it had dissolved the board and removed part of the management over capital adequacy issues.
The CBN, however retained the most recently appointed Executive Directors of the bank.
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Ahmad is the former director general of PENCOM and Tokunbo Abiru is the former Lagos State commissioner for finance
CBN governor Godwin Emefiele, who announced the new appointment and confirmed Oguntayo’s resignation said that Skye Bank’s carries quite some huge bad assets that saw the Non-Performing Loans exceeding the allowed 5 percent threshold.
Emefiele said specifically that the new appointment was as a result of the lenders failure to meet minimum threshold in critical prudentials and adequacy ratios.
Meanwhile in Skye bank, customers have besieged the bank to withdraw their money before it collapses. Largely, this bank may not survive as depositors will move their deposits in days.