CBN Renews The Mandate Of Skye Bank Board of Directors


Wednesday, July 04, 2018    06.14PM / Skye Bank Release      


The Central Bank of Nigeria (CBN) has renewed the mandate of the Board of Skye Bank for an additional two (2) years.


The Board comprised of Mr. M.K Ahmad and Tokunbo Abiru as its Chairman and Group Managing Director respectively now has a new two year term to further the take over objectives.


This information 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.


Recall that on July 4 2016, the Central Bank of Nigeria (CBN) intervened in the running of the bank and reconstituted the Board of Directors of Skye Bank to pave 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.


 Proshare Nigeria Pvt. Ltd.



Related News

1.       Skye Bank Plc Announces Details of Shareholder with 5pct and Above ... Mar 2, 2018

2.      Equity Research Report: Skye Bank Plc - NIGERIA - Proshare

3.      Notification of Takeover of Evans Medical Plc by Skye Bank and First Bank of Nigeria

4.      Skye Bank Plc: One Year After CBN Takeover

5.      Skye Bank Plc Denies Concealing TSA Funds

6.      Skye Bank Plc Notifies on the Late Release of 2016 Audited Financial Statements

7.      Skye Bank Plc to file 2016 Audited Financial Statements on or before 12th May, 2017

8.     Skye Bank Plc Announces the Resignation of Some Executive Directors

9.      Skye Bank Ratings Suspended Due To Lack of Sufficient Information

10.  Skye Bank Plc Receives Regulatory Approval to Postpone AGM

11.   Skye Bank Plc Appoints Babatunde Osibodu as General Counsel

12.  Tracking Skye bank's Share Price: 25days After 

13.  Skye Bank Plc Seeks Extension to file its Interim Financial Statements for Q1 and Q2 2016

14.  Skye Bank Plc Reports Q4 2015 Results; Further Deterioration Expected in Q1 and Q2

15.   SKYEBANK Declares N40.73bn Loss in 2015 Audited Results SP N0.70k

16.  Tracking Skye bank’s Share Price: 15days After

17.   Tracking Skye bank’s Share Price: 10days After

18.  CBN Affirms Confidence in Skye Bank, Institutes Guarantee Line

19.  Tracking Skye bank's Share Price: 5days After

20. Nigeria's Skye Bank Downgraded To 'CCC-' On Heightened Default Risk

21.  Nigeria s Central Bank Takes Over Skye Bank - Sacks Board Over Capital Issues

22. Expectedly, S&P rates Skyebank a CCC+ on back of Economic & Liquidity Concerns

23. Skyebank and The Prolonged Delay on Earnings Announcement

24. Why investors should expect a contained earning from Skye Bank

25.  The Surprising New Math of Acquisition of Banks in Nigeria – The Skye Bank Case

26. Reworking the Acquisition Maths of Mainstreet Bank by Skye Bank Plc

27.  CBN Reduces maximum limit of FX borrowing to 75% of Capital

28. Skye Bank Plc and AMCON Sign Agreement on Acquisition .- Proshare 

29. Skye Bank - The Math Adds Up says CBN, Acquisition Payment of Mainstreet Bank Done – Nov 01, 2014

30. SKYEBANK Seeks Four-Week Extension to File its 2015 Audited Financial Statement

31.  SKYEBANK Issues Earnings Guidance for Financial Year Ended 31st December 2015

32. All eyes still on Skye Bank s capital raise

33. How to buy a Nigerian bank with no money  


Related News