The Central Bank of Nigeria, CBN, has taken over one of the financial institutions in the country, according to reports.
The Apex bank took over the management of Skye Bank Plc which is believed to be one of the distressed financial institutions in the country.
Following the take over, the Managing Director of the financial institution, Mr. Timothy Oguntayo along with other top management members of the bank handed in their resignation letters.
The resignation of the top management members of the bank along with non-executive directors is deemed a preemptive step to forestall eventual retrenchment.
According to the popular blog , Lailas Blog, insiders confirm that the bank has several millions in bad debt.
The clampdown on the financial institution comes a week after the CBN directed the Chief executive officers and chairmen of banks to publish its financial statement within a stipulated period of time.
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