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Here are the sacked members of Skye Bank board

Today (Monday, July 4), the Central Bank of Nigeria sacked the board of directors of Skye Bank, and appointed Mr. Tokunbo Abiru as new managing director and Alhaji M.K. Ahmed as chairman.

The board led by Mr. Olatunde AYENI (Chairman), Mr. Timothy Oguntayo (MD) and 14 others were booted out for failure to meet CBN’s minimum key liquidity and capital adequacy ratio.
Here are the sacked members as captured on the bank’s official site…
  1. Dr Olatunde Ayeni – Chairman, Board of Directors

ayeniDr. Olatunde Ayeni joined the Board in January 2008, and was appointed as the Chairman of the Board on December 13, 2011. Mr. Ayeni is the Principal Partner for Legal Resources Alliance Company, a law firm which he founded. Although a foremost lawyer, he is also an accomplished entrepreneur with diverse interests in the Oil & Gas industry, Maritime, Energy, Aviation, IT, Financial Services and Real Estate.

Before he was appointed as the Chairman of the Board, Dr. Ayeni was member of the Board Credit, Audit and Risk Management Committees. However, in compliance with the relevant Codes of Corporate Governance, the Chairman is not a member of any Board Committee, but provides overall leadership and direction to the Board by ensuring that it works towards achieving its strategic objectives.

As the Chairman of the Board, has heightened the governance practice of the Board through many initiatives such as instituting an agenda and tone settings, Chairman’s Statement for every meeting; a rigorous annual evaluation process for Executive Directors, a transparent and rigorous appointment process for new directors, mandatory focus on Strategy at Board meetings, and greater demand on Board Committee output amongst others. He has also placed his large network at the disposal of the Bank in supporting Management in business development and its acquisition efforts.

Dr. Ayeni has an LLB degree from the Ahmadu Bello University, Zaria and has attended several management and development training programmes both within and outside Nigeria including Lagos Business School and Harvard Business School, Boston, USA. He is also on the Board of Directors of two publicly quoted companies as well as various other reputable companies.

In September 2014, Dr. Ayeni was conferred with the prestigious National award of the Commander of the Order of the Niger (CON) by the Federal Government of Nigeria. This conferment was a testament to his accomplishments in the industry and dedication.


  1. Mr Timothy Oguntayo – Managing Director/CEO

oguntayoMr. Timothy Oguntayo was appointed to the Board of the Bank on August 18, 2009. He was the pioneer MD/CEO of Skye Financial Services Limited (the investment banking arm of Skye bank) before the Bank’s divestment from it in 2012. He equally served on the Board of Skye Stockbrokers Limited, Law Union & Rock Insurance Plc. Kakawa Discount House Limited .

Following Mr. Kehinde Durosinmi-Etti’s retirement from the Board effective July 31, 2014, Timothy was appointed Acting GMD/CEO from April 15, 2014 and substantive GMD/CEO from August 1, 2014. Prior to this appointment as GMD/CEO, Timothy was the Bank’s Executive Director responsible for the supervision of Corporate and Investment Banking Group, Commercial Banking in the South–West Region and all the international banking subsidiaries of the Bank.

Mr. Oguntayo has vast experience in financial advisory services and structuring of project finance across several sectors. He was part of the team that steered the successful merger of Prudent Bank with the other legacy institutions forming Skye bank, and has since been a core member of the executive team driving the growth of the Bank to its present height.

Timothy’s multi–disciplinary background adequately prepares him for the responsibilities of his new office. He is a known strategist with immense ability to innovate, and proffer solutions in sometimes complex situations. He is well respected in the financial circles both at home and abroad as a thorough bred manager and technocrat, and as a builder of relationships. It is therefore not surprising that under his leadership, the Bank successfully acquired Mainstreet bank and is currently integrating the products and services, processes, human capital and IT amongst others.

Mr. Timothy Oguntayo is an alumnus of the Prestigious INSEAD, Fontainebleau in France.


  1. Mrs Amaka Onwughalu – Deputy Managing Director

onwughaluMrs. Onwughalu was appointed to the Board of Skye Bank on November 30, 2008. On April 14, 2014, she was appointed as Deputy Managing Director of the Bank. She is an astute Bank Administrator with over 25 years experience and she rose to the position of acting Managing Director of Reliance Bank in April 2005 till the merger scheme which gave birth to Skye Bank in 2006. At various times in the past, she was in charge of the Treasury Department, Commercial Banking and Corporate Banking.

Mrs. Owughalu’s academic qualifications include a B.Sc (Economics, University of Buckingham), MBA (Marketing, University of Port Harcourt) and M.Sc (Corporate Governance, Leads Metropolitan University). She has attended several local and foreign courses and seminars and is a member of several professional bodies including the Chartered Institute of Bankers of Nigeria (CIBN), Nigeria Institute of Management (NIM), and Institute of Directors (IoD).

Mrs. Onwughalu has received several Professional/Humanitarian service awards including the National Merit Award for Accountability & Transparency (NMAT), Vocational Service Award (Rotary Club), Institute of Internal Auditors of Nigeria Award, Award of Excellence and Distinction in Financial Management (AEDFM), and Senior Fellow of the Institute of Internal Auditors of Nigeria amongst others. She has attended several senior management development programmes locally and overseas, including the Advanced Management Programme at INSEAD, France.


  1. Mr. Dotun Adeniyi – Executive Director

adeniyiMr. Adeniyi was appointed to the Board on November 30, 2008. He is an experienced and accomplished banker with over 29 years hands on experience spanning, corporate banking, commercial banking, retail banking, international trade finance & banking operations.

Mr. Adeniyi is the Bank’s Chief Risk Officer and a member of the Board Risk Management Committee, Board Credit Committee, Executive Committee and Management Credit Committee. He is the Chairman of the Management Risk Committee, Chairman of the Management Audit Committee, and member of the Asset & Liability Committee. He was also very actively involved in the integration process of Mainstreet Bank with Skye Bank.

Dotun Adeniyi started his banking career at the United Bank for Africa (UBA) in 1986 and holds a Bsc. & an MBA degree from the Universities of Ibadan and Ilorin. He is also a distinguished alumnus of the prestigious London Business School, an honorary senior member of the Chartered Institute of Bankers and a member of the Institute of Directors. He has attended several professional courses locally and internationally.


  1. Mrs. Ibiye Asime Ekong – Executive Director

ekongIbiye Ekong was appointed to the Board on November 30, 2008. She has over 25 years of banking experience spanning various areas of banking such as Commercial & Retail Banking, Treasury, Corporate Banking, Public Sector as well as Enterprise Risk Management. She currently heads the South-South & South-East Directorate and Retail Banking Group in the Bank.

Mrs. Ekong is a member of the Board Finance & General Purposes Committee and the Chairman of the Disciplinary Committee. She is a member of the Management Credit Committee, Asset & Liability Committee, and the Executive Committee.

Mrs. Ekong has a Bachelors degree in Finance and Banking from the University of Lagos and an MBA degree from the Pan-African University, Lagos. She has also attended various banking and management programs offshore and within Nigeria. She is an Alumnus of the prestigious INSEAD Business School, Fontainebleau, France, a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an honorary member of the Chartered Institute of Bankers of Nigeria (CIBN). She is also a member of the South-South Economic Summit Group.


  1. Mr. Bayo Sanni- Executive Director

bsanniBayo Sanni is a graduate of Finance from the University of Lagos. He also holds a Masters of Finance from the same University. He commenced his banking career with Zenith Bank, and has worked in other leading financial institutions including Citibank, Sterling Bank and FCMB from where he joined Skye Bank. His experience in these institutions covered various aspects of banking including banking operations, corporate banking, commercial banking, consumer banking, compliance and risk management.

A very well rounded banker, Bayo displays a very sound knowledge of the business and the industry. He also has a very good understanding of the imperatives and critical success elements for a sustainable growth in profitability. He currently heads the Lagos Commercial Banking Directorate of the Bank.


  1. Mr. Idris Yakubu- Executive Director

iyakubuIdris Yakubu holds a B.Sc Accounting degree from the University of Jos. He also holds an M.Sc in Banking and Finance from the University of Jos, Advanced Management Program Certificate from the Pan African University, and a Masters in Business Administration from Ahmadu Bello University, Zaria. Idris commenced his banking career 25 years ago, and spent the last 19 years with Fidelity Bank. Over the period, Idris worked in different areas of banking, including commercial, consumer, retail and public sector banking and has acquired a wealth of experience and competence in these areas.

Idris is knowledgeable, very calm, cerebral and analytical. He possesses energy and passion to drive performance. He has under his belt, an enviable track record of consistent performance and achievement. He currently heads the Abuja and Northern Directorate of the Bank. He is a good team player, is self-motivated and also goes to great lengths to motivate his team.


  1. Mrs. Markie Idowu- Executive Director

midowuMarkie Idowu holds a First Class Bachelors degree in Computer Sciences from the University of Benin. She also holds a Master Degree in Software Engineering from Aston University, Birmingham, and an MBA from the Lagos Business School. She has over 26 years of cognate banking experience spanning commercial banking, corporate banking, private banking, and strategic planning. She also has experience in international business finance and Information technology. She cut her teeth in these key areas having worked in many leading banks including Fidelity Bank and GT Bank until she joined Skye Bank in December 2005.

She worked as the Head of the Corporate Banking Group where she positioned the Bank as a major player in the upstream oil and gas and telecommunications sectors amongst others. She is the pioneer Head of the Technology and Service Delivery Channels Directorate, and has significantly improved the Bank’s service delivery via the various electronic and IT platforms.

Markie’s appointment as a Director in charge of the Technology and Service Delivery Channels Directorate underscores the Bank’s renewed emphasis on excellent service delivery as a major winning tool for business and its commitment to attaining cost leadership amongst its peers. She is also a very strategic thinker, and a very good team player.


  1. Mrs. Abimbola Izu- Executive Director

aizuAbimbola Izu is an alumnus of the University of Ife, and the University of Warwick, Coventry, England, where she obtained the LL.B and LL.M degrees respectively. She was admitted to the Nigerian Bar in 1987 and is a multiple award winner, and a distinguished alumnus of the prestigious London Business School. Bimbola is a seasoned technocrat, with several years’ experience in the practice of law both in private legal practice, and in the banking industry. She became the pioneer Company Secretary and Legal Adviser for Skye Bank, and at various times, also anchored the Corporate Communications Department of the Bank, during which time she led the team in establishing Skye Bank as a household name.

She currently oversees the Corporate Services Directorate which includes the Company Secretariat, Legal Services, General Services Department, Strategic Brand Management and Sustainability and Consumer Protection Department. She has a keen and cerebral mind with a deep understanding of the law and the ability to structure difficult transactions. She also provides strong corporate governance support to the Board, the Bank and its subsidiaries.

Since she took over the Corporate Services Directorate in August 2014, Bimbo has restructured the General Services Department for greater efficiency and effectiveness, re-negotiated major contracts and achieved significant reduction in major expense items. She has also embarked on a revamp of the corporate brand of the institution, and is set to further enhance its brand equity.


  1. Mr. Victor Odozi – Independent Director

odoziMr. Odozi was appointed to the Board on February 4, 2010. Mr. Odozi is the first Independent Non-Executive Director. He is the Chairman of the Board Finance & General Purposes Committee and member of the Board Risk Management and Board Governance, Nominations & Compensation Committees. Mr. Odozi is very versatile and resourceful and has made very valuable contributions to various aspects of Board oversight including corporate governance and risk management. He is a mentor, coach, trainer and guide on Board practices and procedures, given his many years of cognate experience as a Deputy Governor at the Central Bank of Nigeria, Chairman, Board of Directors, NEXIM, Board member of NIDB, Chairman, Governing Council of FITC, and Board member, African-Export-Import Bank, Cairo.

Mr. Odozi as the Chairman of the Board Finance & General Purposes Committee, was very instrumental to the adoption of the Group Governance Policy for Subsidiaries and the review of the Corporate Social Responsibility and Sustainability Policies. He is very passionate about regulatory compliance and championed the automation of the bank-wide compliance grid. He also ensured that due process was observed during the Mainstreet Bank acquisition and that interest of minority shareholders were well protected.

Since retirement from the CBN, Mr. Odozi has been involved in financial sector consulting, with a focus on corporate strategy, risk management, corporate governance, and financial stability reporting amongst many others.


  1. Mr Victor Adenigbagbe – Non-Executive Director

adenigbagbeMr. Victor Adenigbagbe joined the Board in May, 2006. He is currently a member of the Statutory Audit Committee and the Board Audit Committee and is the only Non-Executive Director that has continuously being on the Audit Committee since inception of the Bank. Given his experience, he brings valuable contributions to the deliberations of the Audit Committees.

Mr. Adenigbagbe is a teacher by calling and has held round-table meetings with the Chief Compliance Officer and the Chief Internal Auditor with a view to monitoring the implementation of the recommendations of the Committee on the various issues considered.

He also provided guidance on the review of the Board Audit and Statutory Audit Committee Charters as well as the process for the formal evaluation of the external Auditor.

Victor Adenigbagbe is a graduate of the University of Ife, Ile-Ife where he obtained a B.A in History and Sociology. He also obtained an M.Sc in International Relations at the same University and spent over 20years lecturing at the Osun State College of Education where he retired as the Head of Department, History. He is currently the Chairman of the Board of Directors of Cooperative Savings and Loans Limited and President of Cooperative Investment and Trust Services Limited.


  1. Dr Jason Fadeyi – Non-Executive Director

fadeyiDr. Jason Fadeyi joined the Board of the Bank upon its consolidation in January 2006. Being an executive in a world class company in the United States, he brings to the Board the benefits of global best practices on key issues.

Jason is a Medical Practitioner as well as an expert in Business Management. He has a B.Sc in Biology from Yale University; an MBA and an MD (Medicine) from the University of Pennsylvania, USA. He currently works as the General Partner of CSS Petroleum Services, LCC New York. He is also the Managing Partner of JASTCO Mayfair International Property Management LLC in New York and is a Fellow of the American Academy of Pediatrics and a Member of the American Academy of Medicine.


  1. Mr. Babajide Agbabiaka – Non-Executive Director

agbabiakaMr. Babajide Agbabiaka was appointed to the Board on March 31, 2011. In February 2014, he was appointed Chairman of the Board Risk Management Committee following the reconstitution of Board Committees. He is also a member of the Board Credit Committee and the Statutory Audit Committee. Mr. Agbabiaka represents the interest of Skye Bank on the Board of Skye Bank Sierra Leone, a subsidiary of the Bank.

A seasoned Geologist and Oil and Gas technocrat with extensive experience in several complex projects, high profile negotiations and financing arrangements. Mr. Agbabiaka has brought very rich knowledge and expertise in that sector to the work of the Credit and Risk Management Committees on which he serves.

Mr. Agbabiaka graduated from the University of Ibadan and retired as an Executive Director of Mobil Producing Nigeria Unltd., a subsidiary of ExxonMobil in 2006. He is a Fellow of the Nigerian Association of Petroleum Explorationists and holds several awards.


  1. Mr. Olakunle Aluko – Non-Executive Director

alukoMr. Kunle Aluko was appointed to the Board on August 23, 2011. He was appointed the Chairman of the Board Credit Committee in 2014, and is a member of the Board Governance, Nominations & Compensation Committee as well as the Board Finance and General Purposes Committee.

Since becoming the Chairman of the Board Credit Committee, Mr. Aluko has introduced a reform process to improve the effectiveness and efficiency of the Committee. He is very detailed in credit analysis, credit monitoring and portfolio management.

Mr. Aluko has several years of banking experience having begun his career at Barclays Bank (which later transformed to Union Bank) where he worked in various capacities in both Nigeria and the United Kingdom. He also held executive positions in Branch Banking, Internal Audit and Corporate Banking. In 1990, Mr. Aluko became the founding Managing Director of Equitorial Trust Bank and since retiring from the banking industry, Mr. Aluko has leveraged his over 30 years experience to provide professional investment and advisory services to a range of public and private sector clients. He is an associate of the Chartered Institute of Bankers, and an Alumnus of Manchester Business School, University of Manchester.


  1. Mr. Abdul Akhor Bello – Non-Executive Director

Mr. Bello was appointed to the Board on April 25, 2012. He is a member of the Board Risk Management Committee, Board belloFinance & General Purposes Committee and Chairman of the Board Governance, Nominations & Compensation Committee.

Mr. Bello is a thorough-bred Finance and Governance technocrat given his pedigree as Company Secretary and Chief Finance Officer of publicly quoted companies for several years. He has brought these experience and expertise to bear on the work of the Board. He has extensive experience of working at policy making levels in the FMCG sector and places his expertise at the disposal of Management in providing guidance frameworks and templates on various issues including setting the annual goals and key performance indices of the Board Committees.

Mr. Bello is a Fellow of the Institute of Chartered Accountants of Nigeria with several years of experience in manufacturing, fast-moving consumer goods, real estate, leasing and pension administration sectors amongst others. He is an alumnus of Oxford University’s Advance Management and Leadership Programme and has attended development courses at Wharton Business School, University of Pennsylvania, USA and Cranfield School of Management, UK amongst others. He is currently an Executive Director and Chief Finance Officer of UACN Plc.


  1. Mrs. Ammunna Lawan Ali – Non-Executive Director

ammunnaAmmuna Lawan Ali is an Independent Director of the Bank and was appointed to the Board on May 25, 2012. She is a member of the Board Governance & Nominations Committee, Statutory Audit Committee and the Chairman of the Board Audit Committee.

Ammuna Lawan Ali is a retired Federal Permanent Secretary, and a graduate of the Ahmadu Bello University, Zaria. She also holds a Diploma from the Florida Technological University, Orlando and a Master degree from the University of Maiduguri. She commenced her Civil Service career in 1977 and was appointed at various times the Sole Administrator of Konduga Local Government Area in Borno State, Director General, Directorate of Women Affairs, Ministry of Commerce, Industry and Tourism. She was also appointed Permanent Secretary in 1992 and served in the State Commission for Women as Director as well as the Ministry of Education.

In 1995 she was appointed a Director in the Federal Ministry of Women Affairs and Social Development and later Director of the Federal ministry of Finance as the Director of Foreign Exchange & Trade Relations. In 2001, she was appointed as the Federal Permanent Secretary in the Federal Ministry of Commerce and later deployed to the Ministry of Petroleum Resources as Federal Permanent Secretary. Hajia Ammuna also served as the Permanent Secretary of the Ministry of Environment, Housing & Urban Development, and Transportation. She retired from the Public Service in December 2009.

Ammuna Lawan Ail has attended several courses and seminars locally and internationally and is a member and Fellow of several professional bodies including the National Institute of Policy & Strategic Studies, Commonwealth Association of Public Administration and Management, and the Society of University and College Planners amongst others. Her industry experience is an advantage to the Board, and she has made very impactful contributions to the Board appointment and succession process.

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