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Godwin Emefiele - CBN Governor

The Central Bank of Nigeria has held a private meeting with the new board and management of Skye Bank.

This is the first formal meeting since a new management was announced by the Central Bank on Monday July 4, 2016 just before the financial markets closed for a 3-day holiday.

The new team has been mandated to ensure the speedy restoration of the health and fortunes of Skye Bank in the shortest possible time.

CBN took the decision in view of the persistent failure of Skye Bank to meet minimum thresholds in critical prudential and adequacy ratios.

In a press briefing held on Monday in Lagos, the CBN dissolved Skye Bank’s Board of Directors, the Chairman and Chief Executive Officer also resigned, while four Non-executive directors were retained.

On Monday, Skye Bank shares fell 9.52% to 95 kobo as investors sold almost 11 million shares of the lender whose 2015 financial statements are yet to be released to the market.

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