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, 2014 at the end of his current tenure. Mr.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 for the Bank. Both appointments are subject to appropriate regulatory approvals.
The Board thanked Mr. 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 out – going GMD, the Bank recorded very significant progress in both quantitative and qualitative terms. The Board also commended Mr. Durosinmi–Etti for his professionalism, simplicity and humility – qualities which distinguish 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 the Bank’s tradition and succession strategy of grooming leaders from within.
Timothy 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. He has over two decades of banking experience in Corporate Finance and Investment Banking, Business Development, Credit and Marketing, and Operations.
Timothy 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, Timothy 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.
He has vast experience in financial advisory services and structuring of project finance across several sectors. He was part of the team that steered the successful merger of Prudent Bank with EIB Bank, Bond Bank, Reliance Bank and Cooperative Bank between 2005 and 2006 to form today’s Skye Bank PLC. He has since been a core member of the executive team driving the growth of the Bank.
Timothy’s multi – disciplinary background adequately prepares him for the responsibilities of his new office.
He is a known strategist with immense ability to innovate, and proffer solutions in sometimes complex situations. He is well respected in the financial circles both at home and abroad as a thorough bred professional and technocrat, and as a builder of relationships.
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 amongst 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).