CBN sacks Skye Bank management on capital inadequacy issues

CBN sacks Skye Bank management on capital inadequacy issues

The Central Bank of Nigeria (CBN) has sacked top executives of Skye Bank over capital adequacy issues, a source with knowledge of the matter told Reuters on Monday.

Chief Executive Timothy Oguntayo, who led Skye Bank to acquire nationalised lender Mainstreet Bank in 2014, resigned before a central bank announcement on Monday, the source added.

Last year, the central bank gave three commercial banks until June 2016 to recapitalise after they failed to hit a minimum capital adequacy rate of 10 percent.

 

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