CBN Extends Skye Bank Board Of Directors Tenure By Two Years

The Central Bank of Nigeria (CBN) has renewed the mandate of bank’s board of director for additional two year term, which will end by June 30, 2020. The bank disclosed this in a statement which was posted on the Nigerian Stock Exchange (NSE) website and signed by the Company Secretary / General Council Babatunde Osibodu.

You would recall that on July 4, 2016, the Central Bank of Nigeria intervened in the management of the Bank by reconstituting the Board of Directors to pave the way for a new team to take charge of the affairs of the Bank and resolve various issues that were hindering the optimal performance of the institution.

Accordingly, the Apex Bank gave the Board a clear mandate with particular focus areas to turn the institution around positively”. In the two years of the Board’s mandate, the team has stabilized 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.

Photo Caption: Skye Bank Plc Logo