Home » Skye Bank Explains Reason for Management Replacement

Skye Bank Explains Reason for Management Replacement


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 Hajiya Amunna Lawan Ali resigned their positions on the Board of the Bank. In the same vein, Mr. Timothy Oguntayo resigned his position as Group Managing Director / CEO, alongside Mrs. 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 Managing 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 that we recorded in the 2015 financial year end, and the attendant challenges.

As you welcome with me the new leadership team, I enjoin you all to quickly settle down to your work and hit the market with renewed vigour, confidence and assurance of the strength of your brand, and the leadership. I also wish to assure you that the new leadership team has come, not only with tested and proven competence and capacity, but also the commitment and assurance of required support and goodwill from all our key stakeholders. I therefore ask you to eschew rumours and side talks that are want to distract you from your core focus at this time, and renew your commitment, zeal and passion to the institution.

I also take the opportunity to most sincerely thank the former Board led by Dr. Tunde Ayeni, and the former Management team led by Mr. Timothy Oguntayo for their service, sacrifice and dedication to this institution. As they take their leave, we wish them God’s mercies, and hope that they will remain close members of the Skye Bank family.

Please find below the profile of the new Chairman and the new CEO of the Bank.

Alhaji Muhammad K. Ahmad, OON: The new Chairman of the Board.
Muhammad K. Ahmad, OON, has about 35 years distinguished experience leading and working in various public sector organizations and financial services institutions in Nigeria. He was the pioneer Director General and Chief Executive Officer of the National Pension Commission and oversaw the establishment and growth of the Pension industry in Nigeria with over ?5 trillion in assets to become a major contributor to Nigeria’s GDP. He is currently the Chairman of the Interim Management Board, International Energy Assurance and is the founder of Jewel Development Foundation, a graduate assistant platform; and Certium Consulting, a strategy advisory and business applications company.

A pioneer staff of the Nigeria Deposit Insurance Corporation (NDIC), he rose to become Director/Head of Department and a member of the Interim Management Board. Mr. Ahmad has served on the boards of various corporate and not-for-profit organisations as well as presidential committees. Ahmad Chairs the Technical Committee that produced the North East Transformation Strategy (NESTS), a medium term Regional Development Strategy, for the sustainable socio-economic transformation and reconstruction of the Region and currently supervises its implementation.

Alhaji Ahmad is also a member of the Presidential Committee for the North East Intervention (PCNI). Prior to his appointment, he was a Director on the Board of FBN Holdings PLC, where he brought his rich experience in the financial services industry to bear on the institution. He strongly promotes building institutions based on the highest corporate governance and ethical standards and would bring his extensive experience to bear on his role on the board of Skye Bank PLC as Chairman. He has a Masters Diploma in Innovation and Strategy from University of Oxford and has also attended courses and programmes in various first-rate business and management schools, including Harvard Business School, IMD and INSEAD. A co-author of the book, “The Extent and Effectiveness of Bank Supervision in Nigeria”, Ahmad is married with children.

Adetokunbo Mukhail ABIRU, FCA: The new GMD / CEO
Mr Adetokunbo Mukhail Abiru (Tokunbo), is an alumnus of Harvard Business School (Advanced Management Program) and Lagos Business School (Senior Management Program). He holds a B.Sc (Economics) from Lagos State University and is a 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 his early 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 valuable banking brand in Nigeria, First Bank of Nigeria Limited, where he functioned as Executive Director, 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; FBN Capital 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 transformational leadership of Governor Babatunde R. Fashola (SAN). He is happily married to Mrs Feyisola Abiru, the Managing Director of Home & You Limited, a truly indigenous furniture manufacturing company, and they are blessed with children.

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