Tuesday, July 5, 2016

Video - Nigeria's Skye Bank sacks top executives

Nigerian Central Bank has sacked top executives of Skye Bank over capital adequacy issues. Chief Executive Timothy Oguntayo -- who led Skye to acquire nationalised lender Mainstreet in 2014 -- resigned before the announcement on Monday. Last year, the central bank gave three commercial lenders until June 2016 to recapitalise after they failed to hit a minimum capital adequacy rate of 10 percent. Local media are reporting that Skye Bank has a non-performing loan portfolio of just under 2-point-5 billion dollars.

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