While a new CEO and Chairman have been appointed already, the new board of the bank has only just been announced.

With the voluntary resignation and sack of the now-former executives, Alhaji M. K Ahmad has been named as the new Chairman of the Skye Bank board, Tokunbo Abiru has been appointed the new Group Managing Director and CEO. Other members of the new board are Bayo Sanni, Idris Yakubu, Markie Idowu and Abimbola Izu, who were formerly Executive Directors at the bank.

ALSO READ: CEO reveals reasons for resignation

The bone of contention has been Skye Bank's dismal performance and failure to achieve capitalization despite several windows from the Central Bank.

Central Bank governor, Godwin Emefiele, speaking to journalists in Lagos on Monday, July 4, 2016, said the CBN was only taking a proactive step to stop the bank from sinking further into financial murkiness.

Only last month, Skye Bank was widely reported to have fired over 200 members of its workforce following the CBN's directive to float the Naira. However, the bank denied the allegations saying instead that the sacked workers had failed its 2015 appraisal exercise.

Ah, well.