CBN takes over Skye Bank, MD Resigns

Name: CBN takes over Skye Bank, MD Resigns Review
Item: CBN takes over Skye Bank, MD Resigns
Rating: 5
Author: Folamidavid

Posted by: stiphbami in News Jul 6, 2016

Skye Bank

The Managing Director and some top management of Skye Bank of Nigeria today resigned in anticipation of the planned dissolution of the board and management cadres by the Central Bank of Nigeria (CBN) which has discreetly worked on removing directors of some commercial banks that have demonstrated a level of distress in the last few months.

All the non-executive directors of the bank also resigned in anticipation of a clampdown by the CBN.

The resignation of the management at Skye Bank was a pre-emptive action by the bank to avoid a total clampdown by the CBN as it plans to remove directors in banks with bad debts in the next few days, SaharaReporters reports.