CBN renews Skye Bank’s board mandate till 2020

Skye Bank Plc on Wednesday informed the Nigerian Stock Exchange, its shareholders and other stakeholders that the Central Bank of Nigeria had renewed the mandate of the bank’s Board of Directors for an additional two-year term till June 30, 2020.

A statement by the bank, noted that on July 4, 2016, the CBN intervened in the management of the bank by reconstituting the board of directors to pave the way for a new team to take charge of the affairs of the bank and resolve various issues that were hindering the optimal performance of the institution.

It said the CBN gave the board a clear mandate with particular focus areas to turn the institution around positively.

The statement read in part, “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 June 30, 2020.

“We wish to assure the bank’s shareholders and all stakeholders of the commitment of its board and management, working with the CBN and other regulators, to conclude various resolution initiatives to achieve a positive turn around for the bank and deliver value to its stakeholders.”

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