The Central Bank Of Nigeria has dissolved the board and management of Skye Bank.
The apex bank will partially take over the bank.
Chief Executive Timothy Oguntayo, who led Skye Bank to acquire nationalized lender Mainstreet Bank in 2014, resigned before a central bank announcement on Monday, the source added.
Nigeria’s central bank has also sacked top executives of Skye Bank over capital adequacy issues, a source with knowledge of the matter told Reuters on Monday.
Last year, the central bank gave three commercial banks until June 2016 to recapitalize after they failed to hit a minimum capital adequacy rate of 10 percent.
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