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management of Skye Bank PLC today announced what it called the voluntary
resignation of its top officers.  The
action followed plans by the Central Bank of Nigeria (CBN) to take over the
bank due to distress arising from bad loans and insider malpractices by board

In a
statement, the management said the CBN has approved the appointment of Alhaji
M.K Ahmad as the new Chairman of the Board, and Tokunbo Abiru the new Group
Managing Director and CEO.   Bayo Sanni,
Idris Yakubu, Markie Idowu and Abimbola Izu retain their positions as Executive
learnt that the Chairman of the bank, Tunde Ayeni owed the bank at least N102
billion that had remained unpaid for several years.   He was one of those who resigned today.
Mr. Ayeni,
who is a close associate of former President Goodluck Jonathan, had taken over
what used to be Eko Bank, Bond Bank, and Prudent Bank.  He then used interbank loans to buy
Mainstreet Bank for N135 billion and added it to his collection to create Skye
Since coming
on stream, however, the bank has been consistently abused by its owners, who
collect loans without collateral, and use them to fund lavish lifestyles and
the acquisition of an assortment of private companies.  Ayeni, for example, bought parts of an
unbundled electricity company from what used to be the Power Holding Company of
Nigeria, using Skye Bank funds. At the last count, he also owned Ibadan and
Yola Discos, and also acquired Nigeria Telecommunication Limited (NITEL) and
also owned a private jet.
Mr. Ayeni
was also a close associate of the late former governor of Bayelsa, Diepreye
Solomon Alamieyeseigha, and was linked with money laundering allegations
concerning the late governor.  It was
through Alamieyeseigha that he became close to Mr. Jonathan during his time as
deputy governor.  Ayeni spent months in
Economic and Financial Crimes Commission detention as the agency carried out
investigations into the massive theft of Bayelsa State funds, but he was never
charged to court.
non-executive directors of the bank who owed the bank include Jason Fadeyi, the
chairman of Pan Ocean Oil company, who owes N90billion.
several businesses with links to the bank owed large sums to it but refused to
service their loans.  They include
Atlantic Energy, owned by Jide Omokore and fugitive Kola Aluko, which is owing
N70b; Oando Oil Company, N20b; and Captain Osa Okunbo.  Kola Aluko’s brother, Kunle, is among the
non-executive directors who purportedly resigned from the bank’s board today.
sources said Heritage Bank, which is co-owned by Mr. Ayeni and Senate President
Bukola Saraki, is next in line for a takeover by the Central Bank, which is
also looking to force out Oba Otudeko from the board of First Bank of Nigeria
due to his indebtedness of about N82billion.
In his
letter of resignation today, outgoing MD of Skye Bank, Timothy Ogunoye lamented
that his efforts to turn the fortune of the bank was thwarted by forces within
and without the bank.
 Below is the press release announcing a change
of guard at the bank earlier today.
Changes on
the Board of Skye Bank Plc.
We wish to
inform our stakeholders of recent changes on the Board of the Bank.
today, the Non-Executive Directors and the two Independent Non-Executive
Directors resigned their appointment on the Board as follows:
1  Dr. Olatunde Ayeni  Non-Executive Director/Chairman 
2  Mr. Victor Adenigbagbe  Non-Executive Director 
3  Dr. Jason Fadeyi  Non-Executive Director 
4  Mr. Babajide Agbabiaka  Non-Executive Director 
5  Mr. Victor Odozi  Independent Non-Executive Director 
6  Mr. Kunle Aluko  Non-Executive Director 
7  Mr. Abdul Bello  Non-Executive Director 
8  Mrs. Ammuna Lawan Ali  Independent Non-Executive Director 
following Executive Directors also resigned their appointments on the Board
with immediate effect:
1  Mr. Timothy Oguntayo  Group Managing Director/CEO 
2  Mrs. Amaka Onwughalu  Deputy Managing Director 
3  Mr. Dotun Adeniyi  Executive Director 
4  Mrs. Ibiye Ekong  Executive Director 
The CBN has
approved the appointment of Alhaji M.K Ahmad as the new Chairman of the Board,
while Mr. Tokunbo Abiru has been appointed as the new Group Managing Director
and CEO. Messrs. Bayo Sanni, Idris Yakubu, Markie Idowu and Abimbola Izu will
continue in office as Executive Directors of the Bank.
The former
leadership of the Bank voluntarily resigned their positions in order to pave
the way for a new team to further the new strategic direction of the Bank in
the retail and commercial business space, having laid the foundations and set
the necessary processes and structures. In this wise, the challenge of
accelerating growth in the new strategic direction becomes more urgent and
compelling, given the poor performance that we recorded in the 2015 financial
year end, and the attendant challenges.
Executive Management of the Bank also take the opportunity to most sincerely
thank the former Board led by Dr. Olatunde Ayeni, and the former Management
team led by Mr. Timothy Oguntayo for their service, sacrifice and dedication to
this institution.
Muhammad K.
Ahmad, OON, has about 35 years distinguished experience leading and working in
various public sector organizations and financial services institutions in
Nigeria. He was the pioneer Director General and Chief Executive Officer of the
National Pension Commission and oversaw the establishment and growth of the
Pension industry in Nigeria with over .5 trillion in assets to become a major
contributor to Nigeria’s GDP. He is currently the Chairman of the Interim
Management Board, International Energy Assurance and is the founder of Jewel Development
Foundation, a graduate assistant platform; and Certium Consulting, a strategy
advisory and business applications company.
A pioneer
staff of the Nigeria Deposit Insurance Corporation (NDIC), he rose to become
Director/Head of Department and a member of the Interim Management Board. Mr.
Ahmad has served on the boards of various corporate and not-for-profit
organisations as well as Presidential Committees. Ahmad Chairs the Technical
Committee that produced the North East Transformation Strategy (NESTS), a
medium term Regional Development Strategy, for the sustainable socio-economic
transformation and reconstruction of the Region and currently supervises its
Alhaji Ahmad
is also a member of the Presidential Committee for the North East Intervention
(PCNI). Prior to his appointment, he was a Director on the Board of FBN
Holdings PLC, where he brought his rich experience in the financial services
industry to bear on the institution. He strongly promotes building institutions
based on the highest corporate governance and ethical standards and would bring
his extensive experience to bear on his role on the board of Skye Bank PLC as
Chairman. He has a Masters Diploma in Innovation and Strategy from the
University of Oxford and has also attended courses and programmes in various
first-rate business and management schools, including Harvard Business School,
IMD, and INSEAD. A co-author of the book, “The Extent and Effectiveness of Bank
Supervision in Nigeria”, Ahmad is married with children.
Adetokunbo Mukhail Abiru (Tokunbo), is an alumnus of Harvard Business School
(Advanced Management Program) and Lagos Business School (Senior Management
Program). He holds a B.Sc (Economics) from Lagos State University and is a
Fellow of The Institute of Chartered Accountants of Nigeria (ICAN) and an
Honorary Senior Member of The Chartered Institute of Bankers of Nigeria (CIBN).
Tokunbo has
had a distinguished career in banking spanning about 26 years, of which his
early ten (10) years were spent in the formative years of Guaranty Trust Bank
Plc. Thereafter, he spent about Fourteen (14) years with the premier and most
valuable banking brand in Nigeria, First Bank of Nigeria Limited, where he
functioned as Executive Director, Corporate Banking between 2013 and 2016.
during his banking career, he was at various times between 2013-16 a Non –
Executive Director in the following companies: Airtel Mobile Networks Limited;
FBN Capital Limited (now FBN Merchant Bank Limited); and FBN Bank Sierra Leone Limited.
Tokunbo was
the Honorable Commissioner of Finance for Lagos State Government (2011.2013),
the economic capital of Nigeria, during the dynamic and transformational
leadership of Governor Babatunde R. Fashola (SAN). He is happily married to
Mrs. Feyisola Abiru, the Managing Director of Home & You Limited, a truly
indigenous furniture manufacturing company, and they are blessed with children.
Thank you


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