The Central Bank of Nigeria [CBN] yesterday sacked the Board and Management of Skye Bank Plc led by Mr. Timothy Oguntayo and appointed an Interim Board to run the bank.

Mr. Godwin Emefiele, Governor, CBN, said in Lagos that the apex took the decision because the bank failed to meet its minimum key liquidity and capital adequacy ratios despite repeated warnings.

The new Board of Skye Bank is head by Mr. M.K. Ahmad while Mr. Tokunbo Abiru is the new CEO.

Emefiele urged shareholders and customers of the bank to remain, saying the bank is not distressed but that the action was necessary to protect depositors’ funds.