Fear Grips Skye Bank Staff Over Reports That CBN Has Sacked Its Management

There is palpable fear among senior officers of Skye Bank over a report that the Central Bank of Nigeria has sacked its management.

People & Power checks indicate a lot of uncertainty at the bank’s head office where top managers are still largely in the dark over the nature and extent of the CBN intervention.

The bank’s Group Managing Director/Chief Executive Office, Timothy Oguntayo, is even said to have resigned last week in anticipation of a CBN announcement. Oguntayo became the head of the bank on August 1, 2014.

CBN’s intervention in the bank may have to do with capital inadequacy. Nigeria’s apex bank gave Skye Bank and two others until June 2016 to shore up their capital.