Also revealed that some top management and non executive directors of Skye Bank of Nigeria resigned in anticipation of planned dissolution of the board and management cadres by CBN.
Timothy Oguntayo, chief executive officer (CEO) of Skye Bank, who was appointed to the Board of the Bank on August 18, 2009. He was the pioneer MD/CEO of Skye Financial Services Limited (the investment banking arm of Skye bank) before the Bank's divestment from it in 2012 has resigned from the bank, following the decision of the Central Bank of Nigeria (CBN) to fire the top management of the bank and dissolve existing boards.
Oguntayo resigned on Monday, in anticipation of CBN’s decision.
A senior official at the apex bank said on Monday that the sack was already in effect, adding that it was due to the capital issues casting doubts over the future of the bank.
In June, Standard and Poor’s downgraded Skye Bank’s rating to “CCC+” from “B-“, based on liquidity issues and capital adequacy.
“We anticipate deterioration in Skye Bank’s asset quality metrics and profitability, which we think will markedly diminish the bank’s capital adequacy relative to the regulatory minimum and heighten refinancing risks,” the rating agency said.
“Consequently, we are lowering our global scale ratings on Skye Bank to ‘CCC+’ from ‘B-‘ and our national scale rating to ‘ngB+’ from ‘ngBB’ and placing them on CreditWatch with negative implications. The CreditWatch reflects our concerns over Skye Bank’s compliance with regulatory capital adequacy minimum and the confidence sensitivity of its funding base.”
CBN is expected name a new management over the course of the week.
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