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[2010-01-26]
Skye Bank's board meets over Akinfemiwa's successor
| INLINE with the directive of the Central Bank of Nigeria (CBN) on 10-year tenure limit for bank chief executive officers, the board of directors of Skye Bank Plc is to meet "soon" to appoint a new Managing Director.
The three banks whose Chief Executive Officers (CEOs) were affected by the recent directive are the United Bank for Africa (UBA), Zenith Bank and Skye Bank.
The outgoing chief executives include include Mr. Tony Elumelu (UBA), Mr. Jim Ovia,(Zenith) and Mr. Akinsola Akinfemiwa, (Skye Bank). They have spent between 11 and 19 years as chief executives of their respective banks.
Skye Bank explained yesterday that the board is confident that all its executive directors are seasoned bankers who can seamlessly assume the mantle of leadership.
The bank in a statement said it was well prepared for the new development having established a "robust succession and leadership development plan way back before the new CBN directive".
In addition, the bank noted that it has already made significant changes to its operating structure in the last couple of months to prepare and position the financial institution for better performance.
The statement said the bank is, however, very focused on aggressively pushing the market frontiers and winning new business, as this is a new financial year.
The affected bank chiefs have been given up to July 31 this year to prepare their succession plans and hand over to their successors.
The new directive, signed by CBN's director of Banking Supervision, Chief Sam Oni, said to have been scripted to enthrone the principles of corporate governance in the banking industry and insulate the banks from being personalised by individuals who perpetrate all manner of abuses.
According to CBN, weak corporate governance and regulation have been identified as major factors in the financial crisis which bedevilled the "troubled" banks which management were last year sacked by the apex bank.
Source:© Copyright Guardian Online
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