The Central Bank of Nigeria, CBN, has announced Tokunmbo Abiru as the new Chief Executive Officer, CEO, of Skye Bank, shortly after Timothy Oguntayo resigned as the bank’s Managing Director, ahead of a pronouncement by the apex bank on Monday over capital adequacy issues.
The CBN governor, Mr. Godwin Emefiele, who revealed the new appointment and confirmed Oguntayo’s resignation, disclosed that Skye Bank’s carries quite a huge bad assets that saw the Non-Performing Loans exceeding the allowed 5 percent threshold.
Earlier reports had it that the CBN has taken over the bank pending when a buyer is found. This was after it dissolved the Board of the financial institution. Skye Bank was thought to have an estimated none performing loan portfolio of N700 billion, much of which is due to an overexposure in the oil and gas sector.
Addressing a press conference on the latest development on Monday afternoon, Emefiele doused fears that the country’s other banks may be in the same tight liquidity issues, stressing that the apex bank was yet to find any other bank in such dire situation.
