CBN Extends Tenure of Skye Bank Board

The Central Bank of Nigeria (CBN) has renewed the mandate of the board of directors of Skye Bank Plc for an additional two-year term. With this, the tenure of the bank’s board and directors will now end of June 30, 2020.

The bank disclosed this in a notice to the Nigerian Stock Exchange, which was signed by its Company Secretary/ General Counsel, Babatunde Osibodu.

The CBN had on July 4, 2016, intervened in the management of the bank by reconstituting its board of directors to pave the way for a new team that took charge of the affairs of the bank and resolved issues that were hindering the performance of the institution.

Accordingly, the central bank gave the board a clear mandate with focus areas to turn the institution around positively.

“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. In recognition of the stellar performance of the board, the CBN has renewed the board’s mandate for an additional two-year term till 30th June, 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 resolution initiatives to achieve a positive turn around for the bank and deliver value to its stakeholders,” it added.