Three Executive Directors suddenly resign from Skye Bank

Keneilwe Moloko

Skye Bank PLC has just announced that three of its executive directors namely Mr. Idris Yakubu, Mrs. Markie Idowu, Mrs. Abimbola Izu and Mr. Bayo Sanni have all resigned.

The company said in an email statement that their resignation was voluntary.

To douse the tension that would ensue afterwards, Skye Bank said:

The Directors had served in Executive Management capacity for nearly two years and had been part of the new Board of the Bank which came into being following the intervention of the Central Bank of Nigeria on July 4 2016.

The Group Managing Director of the Bank, Mr. Tokunbo Abiru thanked the Executive Directors for their service to the Bank, noting that they had contributed immensely to the successful leadership transition which commenced last year.

The Bank has also announced that the new development does not in any way affect the smooth running of the Bank as it continues to deliver services to its customers across the country. The portfolios of the Directors have been assigned to some General Managers to ensure a seamless transition.

Skye Bank is one of the eight Banks described by the CBN as a Systemically Important Bank (SIB) on account of its size, market share and interconnectedness.

The challenge with Sky Bank reached a tipping point in the middle of last year when the Central Bank of Nigeria sacked its entire management, replacing them with new set of people who now run the bank.

The bank has since taken some steps to stabilise its system. Part of the structural reform was to go for a national banking license instead of an international license. The bank has also sold off its West African operations.