Nigerian Regulator Ousts Skye Bank Board on Capital Concerns
- Lender failed to comply with liquidity and capital rules
- Exotix sees uncertainty over asset quality as ‘big issue’
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Nigeria replaced top management at one of its lenders for breaching cash and liquidity ratios, a move that may signal stresses are deepening in the banking industry of Africa’s biggest economy.
The chief executive officer, chairman and 10 other directors on the board of Skye Bank Plc, resigned on Monday, the announcement of which was preceded by the biggest drop in the company’s share price in more than six months. The stock of Nigeria’s eighth-biggest lender by assets won’t trade until Thursday as Nigerian markets are closed for a holiday.