Nigeria’s central bank has sacked top executives of Skye Bank over capital adequacy issues, a source with knowledge of the matter told Reuters on Monday.

The Central Bank of Nigeria will dissolve the Board of Skye bank and partially take over the bank today. The development comes as the bank has been deemed ‘unhealthy’ and is a measure to prevent a total collapse of the financial institution.

Chief Executive Timothy Oguntayo, who led Skye Bank to acquire nationalised lender Mainstreet Bank in 2014, resigned before a central bank announcement on Monday, the source added.

Skye Bank is thought to have an estimated non performing loan portfolio of N700 billion, much of which is due to an overexposure in the oil and gas sector. All the directors and executives at the bank save for three executives who joined the bank last year have been shown the door. For more on this visit Naija247

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