The 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 (NSE) 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 apex bank so far,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.” According to Osibodu, “In the two years of the board’s mandate, the team has stabilised 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.”
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