CBN takes over Skye Bank, dissolves Board of Directors

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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

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