A large chunk of the management team
and board of Skype Bank has resigned
and the Central Bank of Nigeria has
appointed a new chairman and
management to immediate steer the
affairs of the bank, two internal memos
sent to employees of the bank on Monday
afternoon has revealed.
The first memo was a notice of
resignation by the outgoing group
managing director of the bank, Timothy
In the email, Mr Oguntayo stated that
despite his best effort to turn around the
fortune of the bank, “counter forces from
within and outside the bank… made it
impossible to achieve steady progress.”
“The last two years of my stewardship as
the GMD/CEO, has been very eventful and
challenging,” he wrote.
“I have put all that I have into turning the
fortune of the bank around, working with
each and every one of you. However, the
results have not been commensurate with
the efforts. There have been counter
forces from within and outside the bank
that made it impossible to achieve steady
“It is in this vein that I have offered to
resign my appointment as the GMD/CEO
with immediate effect. I enjoin you to all
to cooperate with the new management
that would be announced soon,” the
memo that was sent at 12:11 P.M read.
About an hour after employees received
the first email, they received another
message announcing the
“voluntary”resignation of the bank’s
board and entire management team,
except two directors.
“I wish to inform you all of changes on
the Board of Skype Bank. Earlier today,
Dr. Tunde Ayeni and the other non-
executive directors of the bank, namely,
Mr. Victor Odozi, Mr Babajide Agbabiaka,
Dr. Jason Fadeyi, Mr. Kunle Aluko, Mr
Victor Adenigbagbe, Mr Abdul Bello and
Hjiya Amunna Lawan Ali resigned their
positions on the board of the Bank,” the
email read.
“In the same vein, Mr Timothy Oguntayo
resigned his position as group managing
director/CEO, alongside Mr Amaka
Onwughalu, Mr Dotun Adeniyi, and Mrs
Ibiye Ekong who resigned their positions
as DMD, and executive directors. All the
resignations take immediate effect.
“The CBN has approved the appointment
of Alhaji M.K Ahmad as the new
Chairman of the Board, while Mr Tokunbo
Abiru has been appointed as the new
Group Manageing Director and CEO,
Messrs. Bayo Sanni, Idris Yakubu, Markie
Idowu and Abimbola Izu will continue in
office as executive directors of the Bank.
“The former leadership of the bank
voluntarily resigned their positions in
order to pave the way for a new team to
further the new strategic direction of the
bank in the retail and commercial
business space, having laid the
foundations and set the necessary
processes and structures.
“In this wise, the challenge of accelerating
growth in the new strategic direction
becomes more urgent and compelling,
given the poor performance we recorded
in the 2015 financial year end, and the
attendant challenges.”
In the last couple of years, the bank has
had to trudge through liquidity problems
mostly due to non-performing loans.
In a statement to the Nigerian Stock
Exchange in March, the bank warned
investors to expect “material decline” in
its financial performance due to its rising
loan profile caused by “prevailing
economic headwinds.”
“The expected decline in performance is
attributable to management’s decision to
recognize increased impairment on loans
to sectors severely affected by the
prevailing economic headwinds which are
yet to abate, especially the lull in oil & gas
and real estate sectors,” the statement
A spokesperson of the CBN, Isaac
Okoroafor, could not be immediately
reached for comment.