‘Reconstitution of Skye Bank board is intervention to correct corporate governance issues’
By Kayode Ogunwale

The newly appointed Chairman of Skye Bank Plc, Mr. Mohammad Ahmad, has said the reconstitution of the board of the bank by the Central Bank of Nigeria (CBN) was not a takeover of the bank but an intervention to correct observed corporate governance issues under the old board.
Ahmed made the clarification on Friday while addressing stockbroker community on the floor of the Nigeria Stock Exchange (NSE) where the new board of the bank had gone to provide information on recent developments in the bank.
While explaining that the ownership of the bank remains in the hands of the shareholders, he said the CBN does not own the bank and has not taken over the bank.
The Skye Bank chairman disclosed that the apex was fully behind the bank bank and would support it to fully stabilize
Ahmad, a former Director General of the National Pension Commission, further re-assured the bank’s customers and investors that the bank was not distressed but only had corporate governance issues under the old board.
He said the bank’s fundamentals remain strong and that it remains one of Nigeria’s leading and retail banks.
In his remarks on the occasion, the Group Managing Director and Chief Executive Officer of the bank, Mr. Tokunbo Abiru, said the management team and the board would work to achieve value enhancement for shareholders, customers and other stakeholders by bringing the cost-income ratio to acceptable levels, improve the risk assets quality and work towards increasing the liquidity and capital adequacy of the bank.
Abiru described the reconstitution of the bank’s board as an intervention and not a takeover by the CBN, saying the lender’s fundamentals are good and strong.
The CBN had on Monday M. K. approved the reconstitution of the Board of Skye Bank Plc, with the apex bank appointing Mr Ahmad and Mr. Tokunbo Abiru as the new Chairman and Managing Director of the bank respectively. Other members of the reconstituted Board are Bayo Sanni, Idris Yakubu, Markie Idowu and Abimbola Izu, all of whom were serving in the Executive Director capacity of the Bank prior to now.
Speaking at the briefing, the Doyen of stockbrokers, Alhaji Rasshed Yussuff appealed to the new board and management of the bank to come up with information that would reinsure investors of the bank.
He pledged support with the new team of Skye Bank on the matters that would drive the share price of the bank.