CBN takes over Skye Bank, dissolves Board of Directors

By admin on

Share on facebook Yahoo mail icon Gmail icon

Views: 712


The Central Bank of Nigeria (CBN) has dissolved the Board of Skye bank and taken over pending when a buyer is found.

New Telegraph reports that the apex bank took the decision as Sky Bank has been deemed ‘unhealthy’ and is a measure to prevent a total collapse of the financial institution.

The bank is thought to have an estimated non-performing loan portfolio of N700 billion, much of which is due to an overexposure in the oil and gas sector. All the directors and executives at the bank save for three executives who joined the bank last year have been shown the door.

Timothy Oguntayo, managing director of Skye Bank, has already dropped his resignation. The bank would be taken over by CBN and possibly handed over to the Asset Management Company of Nigeria, AMCON. AMCON would buy up the bank’s toxic loan and then make efforts to recover them from the bank’s chronic debtors.

 

Posted on July, 4 2016

Share on facebook Yahoo mail icon Gmail icon


You may also like...
EFCC releases Ekiti commissioner, accountant-general

Buhari extends Umoru ibrahim's tenure as NDIC CEO...

Fani-Kayode: Australian Negotiator’s Allegations against Ihejirika Despicable

Senate's Appeal will not stop my resumption -...

Idris emerged winner of BBA season 9

Ekiti election was not rigged - Femi Falana...

Phil Jones ruled out for up to three...

Transfer of B/Haram prisoners to Anambra concluded under...

How I Will Destroy Nigeria – Nnamdi Kanu...

Abia elders, traditional rulers back Ikpeazu

Justice Ademola resigns as High Court judge

NFF sacks Keshi, Amokachi, Shorounmu
News Abia Election Special (3) Abia Supplementary Polls Update (18) Abia Supplementary Result update (22) Appointments (8) Breaking News (195) Business (40) Campus News (3) Crime (111) Economy (105) Education (116) Entertainment (144) Fashion and Style (3) General (786) Health (107) Inside Africa (40) International News (303) Interviews (28) National (1914) Politics (898) Press Releases (107) Religion (9) Security (125) Sports (430) Technology (23) World News (87)

 

 

Advertisement

 

Latest News Ikpeazu restates commitment to accountability and transparency in governance Abia returns mission schools to owners 34-year-old bridge collapses in Abia ‘Emenike is Abia APC’s only credible governorship aspirant’ AGF Malami hire American firms to plant pro-Buhari op-ed in U.S. papers, Premium Times reveals Buhari overrules IGP's order on Adeleke's invitation Abia: New governorship permutations Osun election: I’ll win and dance to Govt House, says Adeleke Soldiers clear Onitsha drainage during heavy downpour Nigeria’s fate beyond 2019 depends on INEC, security agencies— Makarfi

 

Most Read Islamic agenda for Nigeria – Pastor Bosun (22,922 views) The show of shame that sealed Justice Uzokwe’s fate (17,352 views) 47 YEARS AFTER, HIS EXCELLENCY, COMMODORE EBITU UKIWE (Rtd) MAKES THE “OFO NDI IGBO” RECIPIENTS LIST (15,129 views) Breaking News : Dr Okezie Ikpeazu resigns from Abia State Environmental Sanitation Agency (ASEPA). (7,335 views) Lawyers accuse Lagos Police of working for PDP (7,086 views) Radio Biafra delivers AM Transmitter (6,862 views) ‘Why fuel scarcity persists’ (5,710 views) Nurse Justina Obi Ejelonu, one of the nurses that contracted Ebola virus is dead!!! (5,450 views) 2015: Abia’s plethora of governorship aspirants (5,246 views) Breaking News : 2015 - Abaribe withdraws from Abia guber race, backs Ikpeazu (5,238 views)