The Central Bank of Nigeria has sacked top executives of Skye Bank over capital adequacy issues, a source with knowledge of the matter told Reuters on Monday.
Meanwhile, Chief Executive Timothy Oguntayo, who led Skye Bank to acquire nationalised lender Mainstreet Bank in 2014, resigned before a central bank announcement on Monday, the source added.
CBN also replaced the chairman and chief executive of Skye Bank after the top-tier lender failed to meet minimum capital ratios, prompting its executives to resign, central bank governor said on Monday.
The apex bank said that Skye Bank’s non-performing loan ratio has been above the regulatory limit for a while and it had been meeting with Skye’s board to resolve the issue, governor Godwin Emefiele told a briefing.
Last year, the central bank gave three commercial banks until June 2016 to recapitalise after they failed to hit a minimum capital adequacy rate of 10 percent.
(REUTERS)
