Monday, September 8, 2025
24.5 C
Lagos

BREAKING NEWS! Skye Bank CEO, Top Management Resign Enmasse!

Mr. Timothy Oguntayo, Group Managing Director/CEO of Skye Bank Plc and top management staff of the bank have allegedly resigned enmasse to avoid sack by the Central Bank of Nigeria [CBN] over the alleged liquidity crisis in the bank.

A report by Sahara Reporters says the mass resignation was to pre-empt a decision by the CBN to sack the Board and Management of commercial banks showing signs of distress in the country.

For instance, on January 22, 2O16, the CBN sent a letter [Ref: BSD/BCS/CON/SK/O1/O32] entitled “RE: Insider Credits” to the Group MD/CEO of Skye Bank in which the bank was granted an extension till December 31, 2O16 to resolve its insider credits and related liquidity issues.

The CBN letter, which was signed by Benjamin A. Fakunle for Director of Banking Supervision, read in part:

“We refer to your letter dated December 1O, 2O15 and our exchange of correspondence on the above subject [Insider Credits] and write to inform you that the Central Bank of Nigeria has granted an extension of time till December 31, 2O16 to enable you bring your insider related credits within the stipulated regulatory maximum of 1O% of your paid-up capital per director, including his/her related parties and 6O% paid-up capital for total related credits in line with our circular BSD/9/2OO4 on Large Exposures and Connected Lending.”

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

NIGERIA: Between Mismanagement & Leaking Treasury

The Treasury of the Federal Republic of Nigeria is sick. According to economic doctors, the Nigerian treasury is suffering from acute mismanagement and basket-type leakages. Other diagnosed ailments include falling oil prices and dwindling foreign reserves. The sicknesses were made public recently by Ngozi Okonjo-Iweala, Federal Minister of Finance and Co-ordinating Minister of the Economy in Abuja.

Stanbic IBTC Bank, Tillit MSME Microservices to Empower Healthcare SMEs in Nigeria

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings,...

Polaris Bank Supports Girl-Child Education in Nigeria’s Public Schools

  L-R: Chairman, Pacegate Limited (Owners of Evolve Charity), Manoj...

Insurance September 2021: Remaking Insurance to Serve Stakeholders Effectively

The fifth edition of Insurance September, an annual interactive...

Guinea Insurance Holds 66th AGM, Pledges a Future of Sustained Profitability

L-R: Ademola Abidogun, Managing Director, Samuel Onukwue, Non-Executive Director,...

Worldwide IT Spending to Rebound in Half Year 2017

Worldwide IT spending is expected to increase by 4.5%...

Market Report: Local Bourse Rebounds…ASI Up 12bps

The local bourse rebounded at the close of trade...

NAICOM Boss, PenCom DG, Others for 6th BusinessToday Confab

The Commissioner for Insurance, National Insurance Commission (NAICOM), Mr....
spot_img

Related Articles

Popular Categories

spot_imgspot_img