[News] : Four Skye Bank’s Executive Directors Resign

Skye Bank Plc yesterday announced the voluntary resignation of four of its Executive Directors from the services of the bank.

The directors who resigned were Mr. Idris Yakubu, Mrs. Markie Idowu, Mrs. Abimbola Izu and Mr. Bayo Sanni.

The Directors had served in Executive Management capacity for nearly two years and had been part of the new Board of the Bank which came into being following the intervention of the Central Bank of Nigeria on July 4 2016.

In a notification to the Nigerian Stock Exchange (NSE) the Group Managing Director of the bank, Mr. Tokunbo Abiru thanked the Executive Directors for their service to the comercial bank, noting that they had contributed immensely to the successful leadership transition which commenced last year.

The bank announced that “the new development does not in any way affect the smooth running of the bank as it continues to deliver services to its customers across the country. The portfolios of the directors have been assigned to some General Managers to ensure a seamless transition.”

Skye Bank is one of the eight Banks described by the CBN as a Systematically Important Bank (SIB) on account of its size, market share and interconnectivenes

The central bank had last year July effected a change in the board and management of the bank. That led to the removal of the chairman, all non-executive directors on the board as well as the managing director, deputy managing director, and the two longest-serving executive directors on the management team were also removed.

CBN Governor, Mr. Godwin Emefiele, had said the banking sector regulator took what he described as a proactive step in order to save the health of the bank from further deteriorating. To correct the anomalies in the bank, he had said the CBN had several meetings with the previous management and board of Skye bank as part of its strategy of close engagement whenever a bank’s financial or governance situation poses potential threats to the overall stability of the financial system.

“It is important to reiterate the fact that Skye Bank is not in distress and remains a healthy bank in the system. 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 had said.

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