Buhari orders CBN to takeover Skye Bank

The Buhari led government has ordered the Central bank of Nigeria to take over Skye Bank of Nigeria Limited.

The CBN is working on a marching order of dissolving banks purportedly operating under duress.

In anticipation of the move, the Managing Director and top management personnel of the distressed bank today resigned in anticipation.

Read Also: Why Nigerians are suffering — Buhari.

All non-executive directors of the bank also resigned in anticipation of a clampdown by the CBN. Skype bank is being taken due to lack of funds to run her operations.

The mass resignation of the management at Skye Bank I perceived as a defensive action by Skye bank to avoid a total clampdown by the CBN as it plans to remove directors in banks with bad debts in the next few days.

The origins of Skye Bank date back to 1989 when Prudent Bank Plc., was incorporated as a limited liability company. In 1990, the bank was issued a license as merchant bank.

That same year, it re-branded as Prudent Merchant Bank Limited. In 2006, Prudent Merchant Bank merged with four other banks to form Skye Bank Plc.

Skye Bank Plc. maintains an interlinked branch network of over two hundred and sixty (260) branches in all parts of Nigeria. The bank maintains her headquarters at 3 Akin Adesola Street, Victoria Island, Lagos.

See CBN’s letter to Skye Bank below: Read Also: EFCC questions CBN Governor