The regulatory 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.
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) had 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.
July 4 2016, the Central Bank of Nigeria (CBN) had 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.
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”.
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.
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.
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.
