The management and board of Skye Bank Plc have been sacked, CBN governor Godwin Emefiele announced on Monday in Lagos.
Skye Bank’s MD/CEO Timothy Oguntayo and chairman Tuinde Ayeni were said to have resigned in anticipation of the CBN’s hammer.
The CBN has therefore taken over the bank’s management, Emefiele added.
The bank has been having liquidity issues, it was learnt.
The announcement is likely to trigger a run on Skye Bank and perhaps other Nigerian banks that are considered weak.
The CBN has prevented bank failures in recent years by similar moves.