Nigeria replaces Skye Bank bosses over capital failures – Reuters

By Chijioke Ohuocha and Oludare Mayowa

LAGOS, July 4 (Reuters) – Nigeria’s central bank has replaced the chairman and chief executive of Skye Bank after it failed to meet minimum capital ratios, its governor said on Monday.

The central bank said Skye Bank’s non-performing loan ratio has been above the regulatory limit for a while and it had met with Skye’s board to resolve the issue, governor Godwin Emefiele told a briefing.

Earlier, banking sources told Reuters that Skye’s chief executive Timothy Oguntayo had resigned before the central bank announcement. He was the head of Skye Bank when it bought nationalised lender Mainstreet Bank in 2014.

“The basic issue is capital adequacy and liquidity. From what we see, adequacy ratio in the bank has been weakening and we don’t want it to get to a point where depositors will be at risk,” Emefiele said.

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