Following the dissolving of Board of Skye bank, the Central Bank of Nigeria has taken over the financial institution until a buyer is found.

Following the dissolving of Board of Skye bank, the Central Bank of Nigeria has taken over the financial institution until a buyer is found.

Following the dissolving of Board of Skye bank, the Central Bank of Nigeria has taken over the financial institution until a buyer is found.

This decision was made in other to forestall the total collapse of the financial institution as it has been described as “unhealthy”.

Due to the overexposure in the oil and gas sector, the bank has an estimation of non-performing loan portfolio of N700bn. Three out of the whole executives in the bank were retained.

The Managing Director of Skye Bank, Timothy Oguntayo tendered his resignation. The bank would be taken over by CBN and possibly handed over to the Asset Management Company of Nigeria, AMCON.

AMCON has promised to buy the bank’s toxic loan and also recover the debts from the bank’s chronic debtors.


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