Skye Bank Sacks 50 More Workers

About four months after it disengaged about 200 of its workers, Skye Bank Plc has retrenched about 50 members of staff, including those in outsourced and auxiliary functions.

Although the number of the affected non-core employees could not be ascertained since they were not direct workers of the bank, it was gathered that the reasons for their exit ranged from non-performance, disciplinary issues as well as rightsizing by the lender.

It was further gathered that most of the affected personnel were in outsourced functions like tellers, drivers and internal security guards.

When contacted on the development, the Head, Corporate and Brand Communication, Skye Bank, Mr. Nduneche Ezurike, confirmed the exit of the affected workers, adding that the management of the bank approved the payment of generous entitlements and severance packages to them as contained in their engagement letters and as agreed with the workers’ union.

The Central Bank of Nigeria had on July 4 sacked the Chairman, Skye Bank, Mr. Olatunde Ayeni; Managing Director, Timothy Oguntayo; Deputy Managing Director, Mrs. Amaka Onwughalu; non-executive directors, Mr. Victor Odozi, Mr. Babajide Agbabiaka, Dr. Jason Fadeyi, Mr. Kunle Aluko, Mr. Victor Adenigbagbe, Mr. Abdul Bello and Hajiya Amunna Lawan Ali; and the two longest-serving Executive Directors, Mr. Dotun Adeniyi and Mrs. Ibiye Ekong.

In their place, the CBN announced Alhaji Muhammad Ahmad as the new chairman, while Mr. Adetokunbo Abiru was also named as the new managing director.

Other members of the reconstituted board are Bayo Sanni, Idris Yakubu, Markie Idowu and Abimbola Izu, all of who had been serving as executive directors of the lender before now.

The CBN Governor, Mr. Godwin Emefiele, had explained that the “proactive moves have become unavoidable in view of the persistent failure of Skye Bank to meet minimum thresholds in critical prudential and adequacy ratios, which has culminated in the bank’s permanent presence at the CBN lending window”.


The bank’s reconstituted Board was mandated to run a lean and efficient organisation; control costs; aggressively recover debts owed it; grow deposits; and shore up its liquidity position.

punch reportage.