CBN sacks management of Skye Bank, takes over the bank

The Central Bank of Nigeria today sacked the management team of Skye
Bank over capital adequacy issues. The bank’s top executives on getting
wind of their impending sack, resigned en-mass this morning. The bank’s
Chairman, Tunde Ayeni and its Managing Director, led other executive
and non-executive board members to tender their resignation before the
apex bank announced the dissolution of the bank’s management team this

CBN will manage the affairs of the bank for some time. The bank,
according to financial experts, has been distressed for a while.

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