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CBN takes over Skye Bank,appoints Abiru as CEO

abiru skye bankThe Central Bank of Nigeria has taken over the Board and management of Skye Bank Plc after the lender failed to meet the regulator’s minimum key liquidity and capital adequacy ratios.

The Central Bank Governor, Mr. Godwin Emefiele, disclosed this at a news conference, which was held at the CBN head office in Lagos.

Emefiele said the apex bank had appointed a new board and management for the bank following the resignation of the Chairman, Chief Tunde Ayeni, and Management Director/Chief Executive Officer, Mr. Timothy Oguntayo.

 He said the bank’s outgoing board and management had consistently failed to turn the fortunes of the bank around despite consistent warnings from the CBN.

In place of the outgoing board and management, Emefiele said the CBN had appointed Alhaji MK Ahmad as the new chairman, while Mr. Tokunbo Abiru is the new MD/CEO.

The governor said the CBN had removed and replaced all the non-executive directors and two longest-serving directors of Skye Bank.

The CBN boss urged shareholders and customers of the bank to remain calm, stressing that the bank was not in distress.

“I maintain that Skye Bank is not in distress. We have only taken this unavoidable decision to ensure that depositors’ funds are not eroded,” he said.

Abiru was Lagos commissioner of finance (2011- 2013) under the leadership of Babatunde Fashola, the current minister of power, works and housing.

“The CBN has approved the appointment of Alhaji M.K Ahmad as the new Chairman of the Board, while Mr. Tokunbo Abiru has been appointed as the new Group Managing Director and CEO,” Skye Bank said in a statement.

“Messrs. Bayo Sanni, Idris Yakubu, Markie Idowu and Abimbola Izu will continue in office as Executive Directors of the Bank. The former leadership of the Bank voluntarily resigned their positions in order to pave the way for a new team to further the new strategic direction of the Bank in the retail and commercial business space, having laid the foundations and set the necessary processes and structures.”

Ahmad is said to have about 35 years experience leading and working in various public sector organizations and financial services institutions in Nigeria.

He was pioneer director-general and chief executive officer of the National Pension Commission and oversaw the establishment and growth of the pension industry in Nigeria with over N5 trillion in assets to become a major contributor to Nigeria’s GDP.

Ahmad was a pioneer staff of the Nigeria Deposit Insurance Corporation (NDIC), where he rose to become director and member of the Interim Management Board.

The Oxford University graduate was a director on the board of First Bank of Nigeria Holdings PLC.

Abiru, on the other hand, is an alumnus of Harvard Business School (Advanced Management Program) and Lagos Business School (Senior Management Program).

He holds a B.Sc (Economics) from Lagos state university and is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an honorary senior member of the Chartered Institute of Bankers of Nigeria (CIBN).

Abiru cut his banking teeth at Guaranty Trust Bank and First Bank of Nigeria, spending about 14 years with the latter, and rising to become the executive director, corporate banking, from 2013 to 2016.

In all, 12 directors resigned their appointment at Skye Bank.

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