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Skye Bank formally takes over of Mainstreet Bank, appoints Interim Management
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By Ebenezer Ademola
December 26, 2014 23:11:12pm GMT      |      Views: 27252

WorldStage Newsonline-- Skye Bank Plc has notified the Nigerian Stock Exchange that pursuant to the relevant regulatory approvals for the acquisition of Mainstreet Bank Limited (MBL), the Asset Management Corporation of Nigeria (AMCON) formally handed-over the management of MBL to Skye Bank Plc on 18 December 2014.

It said the directors of Mainstreet Bank also resigned their appointments on the same day. In their place, an interim Management Board comprising of Mrs. Amaka Onwughalu, (Deputy Managing Director of Skye Bank) and Mr. Dotun Adeniyi (Executive Director of Skye Bank) was constituted.

According to Skye Bank, Mrs. Onwughalu was appointed to the Board of Skye Bank on 30 November 2008 and is an astute Bank Administrator with over 27 years’ experience. She rose to the position of acting Managing Director of Reliance Bank in April 2005 till the merger scheme which gave birth to Skye Bank in 2006. In her current capacity as the DMD of Skye Bank, she oversees the Treasury Group, the International Funding Group, Corporate Banking Group and International Subsidiaries.

Mr. Adeniyi was appointed to the Board on 30 November 2008. He is an experienced and accomplished banker with over 28 years’ experience spanning corporate banking, commercial banking, retail banking, international trade finance and banking operations. He is currently Skye Bank’s Chief Risk Officer. Mr. Adeniyi started his banking career as a Trainee Manager with the United Bank for Africa (UBA) in 1986.

Mrs. Onwughalu will act as the interim MD/CEO of Mainstreet Bank Limited while Mr. Adeniyi will act as an Executive Director. In light of the professional experiences of Mrs. Onwughalu and Mr. Adeniyi, Skye Bank expresses no doubt that they have the requisite skills, experience and competence to steer the affairs of Mainstreet Bank in the capacities indicated.

The interim Management Board is expected to steer the affairs of Mainstreet Bank Limited for no more than six months, during which time Skye Bank will pursue the integration of the operations of the two banks.

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