Nigeria’s central bank extend Skye bank directors’ mandate till 2020
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
The Central Bank of Nigeria (CBN) has extended the mandate of Skye Bank directors for an additional two-year term till 30th June, 2020.
The CBN had on July 4, 2016, intervened in the management of Skye Bank by reconstituting the board of directors to pave 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.
The apex bank accordingly, gave the board a clear mandate with particular focus areas to turn the institution around positively.
Skye bank in a regulatory filing submitted with the Nigerian Stock Exchange on Wednesday, however, told its esteemed shareholders and other stakeholders that since 2016, the reconstituted board 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,” the bank said.
The statement signed by Babatunde Osibodu, company secretary/ general counsel, expressed the commitment of its board and management to its shareholders and all stakeholders, in working with the CBN and other regulators, to conclude various resolution initiatives and achieve a positive turn around for the Bank towards delivering value to its stakeholders.