CBN renews mandate of Skye Bank board for another two years
The Central Bank of Nigeria (CBN) has renewed the mandate of the Board of Skye Bank for additional two years.The Board has Mr. M.K Ahmad and Tokunbo Abiru as its Chairman and Group Managing Director respectively.
This was contained in a notice sent to the Nigerian Stock Exchange for the attention of regulators, shareholders and customers, signed by the Company Secretary/General Counsel of the Bank, Mr. Babatunde Osibodu.
On July 4 2016, the Central Bank of Nigeria (CBN) intervened and reconstituted the Board of Directors of Skye Bank to pave the way for a new team to take charge of the affairs of the Bank and resolve various issues that were hindering the optimal performance of the institution. Accordingly, the Apex Bank gave the Board a clear mandate to turnaround the fortunes of the institution positively.
Acknowledging the support of the Central Bank of Nigeria so far, Mr. Osibodu noted, “We wish to inform the Nigeria Stock Exchange, the Bank’s esteemed shareholders and other stakeholders that the Central Bank of Nigeria (CBN) has renewed the mandate of the Bank’s Board of Directors for an additional two-year term till June 30 2020”, the notice read.
According to Mr. Osibodu, “In the two years of the Board’s mandate, the team has stabilized of the institution, entrenched sound corporate governance and risk management practices, and restored depositors’ confidence”.
Continuing the notice read: “In recognition of the stellar performance of the Board, the CBN has renewed the Board’s mandate for an additional two-year term till June 30, 2020.
“We wish to assure the Bank’s shareholders and all stakeholders of the commitment of its Board and Management, working with the CBN and other regulators, to conclude various initiatives to achieve a positive and lasting turn around for the Bank and deliver value to its stakeholders”.
Recall that within two year of assumption of duty of the reconstituted board, it achieved laudable milestones especially as it concerns recovery in excess of over N94bn in bad loans from chronic debtors, streamlined its branch network; divested from four local subsidiaries. It also enhanced collateral documentation and its overall risk management practices, among several other transformational initiatives.
Skye Bank assures its stakeholders: customers, employees, shareholders, institutional partners and regulators of its continuing commitment to the success and sustainability of the institution.
Skye Bank, a Systemically Important Bank (SIB), is one of Nigeria’s retail banks and a leading franchise in electronic banking services as well as a leading agent in money transfer services promoting consumer convenience and lifestyle in Nigeria.
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