CBN Confirms Tokunbo Abiru As New Skye Bank CEO | Independent Newspapers Limited
Newsletter subscribe

Latest News

CBN Confirms Tokunbo Abiru As New Skye Bank CEO

Tokunbo Abiru, New Skye Bank MD
Posted: Jul 4, 2016 at 6:32 pm   /   by   /   comments (0)

Following the dissolution of the Board of Directors by the Central Bank of Nigeria (CBN), Mr. Tokunbo Abiru has been announced as the new Chief Executive Officer (CEO ) of the bank.

Godwin Emiefiele Governor of CBN in a press briefing on Monday made the announcement after confirming the resignation of the former CEO, Timothy Oguntayo.

Emiefiele disclosed that Skye Bank carries quite some huge bad assets that saw the Non-Performing Loans exceeding the allowed 5 percent threshold.

The apex bank had earlier dissolved the board of the Skye Bank in a move aimed at avoiding a total collapse of the financial institution.

The bank is believed to have an estimated non-performing loan portfolio of N700 billion due to its overexposure in the oil and gas sector.

All the directors and executives at the bank, but for three executives who joined the bank last year, have been shown the way out.

Emefiele said the CBN had been discussing with the Oguntayo-led management on the need to quickly reverse the huge bad assets, which they were practically unable to do till he was shown the door.

The CBN governor noted that the CBN hopes the new management would be able to salvage the bank from collapse, as he explained the reasons for the new appointment.