CBN to now control Skye Bank, MD, directors resign

– The Central Bank of Nigeria has begun to take over banks that are believed to be distressed with fears that directors of such banks could be dismissed

– Skye Bank of Nigeria becomes the first to be taken over by the CBN in recent times and its directors have resigned en masse

The Central Bank of Nigeria (CBN) has taken over Skye Bank of Nigeria, believed to be one of those distressed in the country, reports have indicated.

This action has prompted Mr Timothy Oguntayo, the managing director, and other top management of the bank to resign ahead of a perceived mass purging by the apex bank.

The CBN hammer hit the bank about a week after the top financial regulator threatened to sack the chief executive officer and chairman of any bank that fails to publish its financial statement within the regulatory period.

CBN’s letter to Skye Bank

Sahara Reporters said all the non-executive directors of the bank were also part of those who resigned.

Nigerian Bulletin also quoted Channels Television’s business editor, Boason Omofaye, as saying Intercontinental Hotel in Lagos might lose its franchise since it was heavily financed by the bank.