Following the decision of the Central Bank of Nigeria (CBN), to dissolve the existing boards of Skye Bank, Timothy Oguntayo, chief executive officer (CEO) of the troubled bank has resigned, with top management of the bank, including non-executive directors, resigning as well.The sack of top executives of Skye Bank is said to be due capital adequacy issues, as inside sources claim Skye bank has over N700 billion in bad loans.
Recall that last year, the CBN gave Skye Bank and two other commercial banks until June 2016 to recapitalise after they failed to hit a minimum capital adequacy rate of 10 percent.
CBN is expected name a new management before the end of the week.
