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Nigeria's apex bank sacks Skye bank management

Xinhua, July 5, 2016 Adjust font size:

Nigeria's apex bank on Monday sacked the management and Board of Directors of Skye Bank Plc following the bank's inability to meet minimum capital adequacy ratio requirement.

Godwin Emefiele, the governor of Central Bank of Nigeria (CBN) disclosed this at a news conference in Lagos while announcing the changes in the personnel and board of the bank.

He added that the decision also affected the two longest serving directors of the bank.

Emefiele said the CBN had subsequently constituted a new management, led by Muhammad Ahmad, as the Chairman and Tokunbo Abiru as the new Managing Director of the bank.

Emefiele also said CBN has also appointed two executive directors and five non-executive directors.

The governor said the new management would take over the bank till a buyer was gotten for the bank's assets and liabilities.

The CBN chief had said it would shut out the bank's board of directors after the July 31 deadline.

He added that Skye Bank and some other banks have been threading in troubled region for a while.

According to him, the bank's capital adequacy ratio is below the benchmark minimum of 10 percent recommended by the CBN for all deposit money banks in Nigeria.

Emefiele told reporters that the bank's liquidity was not also in good threshold as well as its non performing ratio.

The governor said the bank's market value would be weakened but it did not translate to the bank being in distress.

He assured the bank's directors, shareholders and depositors of CBN's assistance to the bank in order to bring it back to normalcy. Endit