By Abimbola Fashakin, Abuja
The Central Bank of Nigeria, CBN has announced Tokunmbo Abiru as theÂ new Chief Executive Officer, CEO, of Skye Bank.Governor of the apex bank, Godwin Emiefiele in a press briefing onÂ Monday made the announcement after confirming the resignation of theÂ former CEO, Timothy Oguntayo who was relieved of his post followingÂ the dissolution of the board of the bank.
Emiefiele disclosed that Skye Bank carries quite some huge bad assetsÂ that saw the Non-Performing Loans exceeding the allowed 5 per centÂ threshold.
The apex bank had earlier dissolved the board in a move aimed atÂ avoiding a total collapse of the financial institution.Â The bank is believed to have an estimated non-performing loan
portfolio of N700 billion due to its overexposure in the oil and gasÂ sector.
All the directors and executives at the bank, but for three executivesÂ who joined the bank last year, have been shown the way out.
Emefiele said the CBN had been discussing with the Oguntayo-ledÂ management on the need to quickly reverse the huge bad assets, whichÂ they were practically unable to do till he was shown the door.
The CBN governor noted that the CBN hopes the new management would beÂ able to salvage the bank from collapse, as he explained the reasonsÂ for the new appointment.