Central Bank dissolves Skye Bank board

Central Bank of Nigeria has sacked top executives of Skye Bank over failure to meet capital adequacy ratio.

The Managing Director/Chief Executive Officer, Timothy Oguntayo, who led Skye Bank to acquire nationalised lender Mainstreet Bank in 2014, resigned before CBN made the announcement on Monday.

Last year, the central bank gave three commercial banks until June 2016 to recapitalise after they failed to hit a minimum capital adequacy rate of 10 percent.