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TMCNet:  Oguntayo appointed Skye Bank CEO [Sun, The (Nigeria)]

[April 15, 2014]

Oguntayo appointed Skye Bank CEO [Sun, The (Nigeria)]

(Sun, The (Nigeria) Via Acquire Media NewsEdge) The board of Directors of Skye Bank Plc has announced the appointment of Mr. Timothy Oguntayo as GMD/CEO to succeed Mr. Kehinde Durosinmi-Etti who will retire from the board on July 31 at the end of his current tenure.


Durosinmi-Etti had notified the board of his desire not to seek renewal of his 4-year tenure at the expiration of his current term. The board also announced the appointment of Mrs. Amaka Onwughalu as Deputy Managing Director. Both appointments are subject to appropriate regulatory approvals.

The board thanked Durosinmi-Etti for his service to the institution from the period of consolidation, first in the capacity of Deputy Managing Director and subsequently as Group Managing Director and Chief Executive Officer. It noted that under the outgoing GMD, the bank recorded very significant progress in both quantitative and qualitative terms. The board also commended Durosinmi–Etti for his professionalism, simplicity and humility – qualities which distinguished him as a worthy leader and consummate banker. The board wished him success in his future endeavours as he commences his terminal leave.

In a statement, the bank said the appointment of Mr. Timothy Oguntayo is consistent with its tradition and succession strategy of grooming leaders from within.

Oguntayo is an alumnus of the prestigious INSEAD, Fontainebleau in France and a fellow of the Chartered Institute of Bankers of Nigeria (CIBN).

    He is also an associate of the Institute of Chartered Accountants of Nigeria (ICAN). He 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 and its subsidiary companies in 2009. He was the pioneer MD/CEO of Skye Financial Services Limited (the investment banking arm of Skye Bank) before the bank's divestment from it in 2012. He equally served on the board of Skye Stockbrokers Limited and Law Union & Rock Insurance Plc. He is currently a Director on the board of Kakawa Discount House Limited.

Prior to this appointment, 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 the international banking subsidiaries of the bank.

Mrs. Amaka Onwughalu, the Deputy Managing Director Designate, was appointed to the board 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, among others. She rose to the position of Acting Managing Director of Reliance Bank in April 2005, prior to its merger with Skye Bank in 2006.

Prior to her recent appointment as Deputy Managing Director for Skye Bank, she was overseeing the Treasury Group, the International Funding Group and the South East, Edo & 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).

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