Skye Bank’s management, board resign; CBN appoints replacement

 



A large chunk of the management team and board of Skype Bank has resigned and the Central Bank of Nigeria has appointed a new chairman and management to immediate steer the affairs of the bank, two internal memos sent to employees of the bank on Monday afternoon has revealed.
The first memo was a notice of resignation by the outgoing group managing director of the bank, Timothy Oguntayo.
In the email, Mr Oguntayo stated that despite his best effort to turn around the fortune of the bank, “counter forces from within and outside the bank…made it impossible to achieve steady progress.”
“The last two years of my stewardship as the GMD/CEO, has been very eventful and challenging,” he wrote.
“I have put all that I have into turning the fortune of the bank around, working with each and every one of you. However, the results have not been commensurate with the efforts. There have been counter forces from within and outside the bank that made it impossible to achieve steady progress.”
“It is in this vein that I have offered to resign my appointment as the GMD/CEO with immediate effect. I enjoin you to all to cooperate with the new management that would be announced soon,” the memo that was sent at 12:11 P.M read.
About an hour after employees received the first email, they received another message announcing the “voluntary”resignation of the bank’s board and entire management team, except two directors.
“I wish to inform you all of changes on the Board of Skype Bank. Earlier today, Dr. Tunde Ayeni and the other non-executive directors of the bank, namely, Mr. Victor Odozi, Mr Babajide Agbabiaka, Dr. Jason Fadeyi, Mr. Kunle Aluko, Mr Victor Adenigbagbe, Mr Abdul Bello and Hjiya Amunna Lawan Ali resigned their positions on the board of the Bank. the email read.

“In the same vein, Mr Timothy Oguntayo resigned his position as group managing director/CEO, alongside Mr Amaka Onwughalu, Mr Dotun Adeniyi, and Mrs Ibiye Ekong who resigned their positions as DMD, and executive directors. All the resignations take immediate effect.
“The CBN has approved the appointment of Alhaji M.K Ahmad as the new Chairman of the Board, while Mr Tokunbo Abiru has been appointed as the new Group Manageing Director and CEO, Messrs. Bayo Sanni, Idris Yakubu, Markie Idowu and Abimbola Izu will continue in office as executive directors of the Bank.
“The former leadership of the bank voluntarily resigned their positions in order to pave the way for a new team to further the new strategic direction of the bank in the retail and commercial business space, having laid the foundations and set the necessary processes and structures.
“In this wise, the challenge of accelerating growth in the new strategic direction becomes more urgent and compelling, given the poor performance we recorded in the 2015 financial year end, and the attendant challenges.”
In the last couple of years, the bank has had to trudge through liquidity problems mostly due to non-performing loans.
In a statement to the Nigerian Stock Exchange in March, the bank warned investors to expect “material decline” in its financial performance due to its rising loan profile caused by “prevailing economic headwinds.”
“The expected decline in performance is attributable to management’s decision to recognize increased impairment on loans to sectors severely affected by the prevailing economic headwinds which are yet to abate, especially the lull in oil & gas and real estate sectors,” the statement said.
A spokesperson of the CBN, Isaac Okoroafor, could not be immediately reached for comment.