The Board of Directors of Skye Bank has approved the retirement of the Bank’s Group Managing Director/Chief Executive Officer, Mr. Kehinde Durosinmi-Etti, which is to take effect from August 1, 2014.

The board which met yesterday unanimously agreed that Durosinmi-Etti should quit the bank on the said date for what some insiders termed “gross incompetence” on the side of the GMD.

The management of the bank has notified The Nigerian Stock Exchange about this development.

The Board at the same meeting, in line with its succession plan, appointed Mr. Timothy Oguntayo as the new Managing Director/Chief Executive Officer of the Bank. Mrs. Amaka Onwughalu was also appointed the Deputy Managing Director of the Bank, with immediate effect (April 15, 2014).

Mr. Timothy Oguntayo was part of the now defunct Prudent Bank, which merged with other banks that formed Skye Bank Plc.

He is an alumnus of the Prestigious INSEAD, Fontainebleau in France and a Fellow of the Chartered Institute of Bankers of Nigeria. He is also an Associate of the Institute of Chartered Accountants of Nigeria and has over two decades of banking experience in Corporate Finance and Investment Banking, Business Development, Credit and Marketing and Operations.

He was appointed to the Board of the Bank on August 18, 2009 and was the pioneer MD/CEO of Skye Financial Services Limited (the investment banking arm of Skye Bank) before the Bank’s divestment from the company in 2012. He also served on the Board of Skye Stockbrokers Limited and Law Union & Rock Insurance Plc. Mr. Oguntayo is currently a Director on the Board of Kakawa Discount House Limited.

Prior to this appointment, Mr. Timothy Oguntayo 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.

Mrs. Amaka Onwughalu

Mrs. Onwughalu, the newly appointed Deputy Managing Director, was appointed to the Board of the Bank on November 30, 2008 as an Executive Director. She is an astute banking professional with over 25 years’ experience and expertise in Commercial Banking, Retail Banking, Treasury Management and Banking operations amongst others. She rose to the position of Acting Managing Director of Reliance Bank Limited in April 2005, prior to its merger with Skye Bank Plc in 2006.

Prior to this appointment, Mrs. Amaka Onwughalu was overseeing the Treasury Group, the International Funding Group and the South East, Edo and Delta (SEED) Directorate, as well as the Lagos Markets.

Mrs. Onwughalu holds a Bachelor’s degree in Economics and a Master’s Degree in Corporate Governance. She is also an alumnus of INSEAD, Fontainebleau in France and IMD Business School, Lausanne, Switzerland. She has attended many 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).