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Skye Bank announces changes on its Board and senior Management

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Skye Bank announces changes on its Board and senior Management

Skye Bank announces changes on its Board and senior Management
July 04
22:11 2016

Skye Bank announces changes on its Board and senior Management. The CBN has approved the reconstitution of the Board of Skye Bank PLC. By thereconstitution, Alhaji M.K Ahmad has been appointed as the new Chairman of the Board,while Mr. Tokunbo Abiru has been appointed as the new Group Managing Director andCEO. Messrs.

Other members of the reconstituted Board are Bayo Sanni, Idris Yakubu,Markie Idowu and Abimbola Izu, all of whom were serving in the capacity of ExecutiveDirector of the Bank prior to now. The reconstitution of the Board followed the voluntary resignation of the formerChairman, Dr. Tunde Ayeni and other Non – Executive Directors of the Bank, namely, Mr.Victor Odozi, Mr. Babajide Agbabiaka, Dr. Jason Fadeyi, Mr. Kunle Aluko, Mr. VictorAdenigbagbe, Mr. Abdul Bello and Hajiya Amunna Lawan Ali. In the same vein, Mr.Timothy Oguntayo had resigned his position as Group Managing Director / CEO,alongside Mrs. Amaka Onwughalu, Mr. Dotun Adeniyi and Mrs. Ibiye Ekong who resignedtheir positions as DMD, and Executive Directors. All the resignations take immediateeffect.

The former leadership of the Bank voluntarily resigned their positions in order to pavethe way for a new team to further the new strategic direction of the Bank in the retailand commercial business space, having laid the foundations and set the necessaryprocesses and structures. In this wise, the challenge of accelerating growth in the newstrategic direction becomes more urgent and compelling, given the economic challengesin the global and domestic operating environment, and the attendant challenges. The Bank thanked the former Board led by Dr. Tunde Ayeni, and the former Managementteam led by Mr. Timothy Oguntayo for their service, sacrifice and dedication to theinstitution. The new Chairman of the Bank, Alhaji M.K. Ahmad in a statement earlier today,expressed optimism about the Bank, given its vast potentials and its strategic position inthe economy. He stated that the Bank is well positioned to deepen the retail andcommercial banking services in the economy, having put in place the critical buildingblocks to win in this sector.

He stated that the immediate priorities of the Board and thenew Management team is to quickly begin to leverage the huge investment in theenhanced branch network, technology and alternative channels to improve stakeholdervalue in a sustainable manner. He assured the shareholders, customers and depositors ofthe Bank of his commitment to preserve their investments and deposits, while furtherassuring that the support and backing of the CBN and other relevant stakeholders havebeen obtained in this respect. Alhaji Muhammad K. Ahmad, OON, has about 35 years distinguished experience leadingand working in various public sector organizations and financial services institutions inNigeria. He was the pioneer Director General and Chief Executive Officer of the NationalPension Commission and also a pioneer staff of the Nigeria Deposit InsuranceCorporation and rose to become Director / Head of Department and member of theInterim Management Board.

Mr. Ahmad has served on the boards of various corporateand not-for-profit organisations as well as presidential committees. He chaired theTechnical Committee that produced the North East Transformation Strategy (NESTS), amedium term Regional Development Strategy, for the sustainable socio-economictransformation and reconstruction of the Region and currently supervises itsimplementation. Ahmad is also a member of the Presidential Committee for the NorthEast Intervention (PCNI). Prior to his appointment, he was a Director on the Board ofFBN Holdings PLC, where he brought his rich experience in the financial services industryto bear on the institution. He strongly promotes building institutions based on the highest corporate governance and ethical standards and would bring his extensiveexperience to bear on his role on the board of Skye Bank PLC as Chairman.

Ahmad has a Masters Diploma in Innovation and Strategy from University of Oxford andhas also attended courses and programmes in various first-rate business andmanagement schools, including Harvard Business School, IMD and INSEAD. A co-authorof the book, “The Extent and Effectiveness of Bank Supervision in Nigeria”, Ahmad ismarried with children. The new MD/CEO Mr Adetokunbo Mukhail Abiru, is an alumnus of Harvard BusinessSchool (Advanced Management Program) and Lagos Business School (SeniorManagement Program). He holds a B.Sc (Economics) from Lagos State University and isa 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 hisearly 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 valuablebanking brand in Nigeria, First Bank of Nigeria Limited, where he functioned as ExecutiveDirector, Corporate Banking between 2013 and 2016.Equally during his banking career, he was at various times between 2013-16 a Non –Executive Director in the following companies: Airtel Mobile Networks Limited; FBNCapital 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 transformationalleadership of Governor Babatunde R. Fashola (SAN).

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