The Real Reasons Skye Bank’s CEO, Abiru’s Tenure Was Extended Till 2020

The real reasons why Central Bank of Nigeria extended the tenure of Central Bank Chief Executive Officer, Tokunbo Abiru – and his management team – till 2020 have been unveiled.

According to a report available to societynow.ng the move is premised on’’ improvements in the bank’s liquidity leading to its exit from the CBN Short Term Lending Facility (SLF); substantial recovery on non-performing loans reaching N94 billion between July 2016 and March 2018; repayment of over $300 million inherited obligations to correspondent banks; significant cost savings with a 31% year-on-year (YoY) reduction in operating expenses in 2017; and substantial cash realised from divestments from subsidiaries. Investments in business development are also showing positive results-transaction volumes and value is witnessing steady growth across platforms including ATM, internet and mobile channels;alternate channel adoption rate is improving with 11% and 15% growth quarter-on-quarter in transaction value and number of subscribers respectively; and the bank continues to retain its reputation for good customer service and customer experience’’

These revelations were unearthed by Opeyemi Agbaje in a publication titled ‘’The Skye Bank Challenge: A Renewed Mandate’’.

The revelations were  published on businessday.

http://www.businessdayonline.com/opinion/article/skye-challenge-renewed-mandate/