CBN renews mandate of financial institution's board of directors

The Central Bank of Nigeria (CBN) has renewed the mandate of the board of Skye Bank for an additional two years.

The bank said this in a notice signed by its Company Secretary and General Counsel, Mr Babatunde Osibodu, which was sent to the Nigerian Stock Exchange (NSE) on Wednesday in Lagos.

The bank’s board comprises Mr Muhammad Ahmad and Mr Tokunbo Abiru, Chairman and Group Managing Director respectively.

The bank also said the board was given a new two-year term to turn around the operations of the bank.

The News Agency of Nigeria (NAN) reports that on July 4, 2016, the CBN reconstituted the Board of Directors of the bank to pave way for a new team to take charge of the affairs of the bank.

The new team was also mandated to resolve various issues that were hindering the optimal performance of the institution.

It said, “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 stabilised 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 stakeholders of the commitment of its board and Management, working with the CBN, to conclude various initiatives to achieve a positive turn around for the bank and deliver value to its stakeholders.”