By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE) –Mid-tier lender, Skye Bank Plc on Monday said it has taken over Mainstreet Bank Limited from the Asset Management Corporation of Nigeria (AMCON), according to a notice from the bank.

Skye bank said it formerly took over Mainstreet Bank from AMCON on 18 December 2014 and its notifying the Nigerian Stock Exchange (NSE) of this development in pursuant to the relevant regulatory approvals for the acquisition

Similarly, the lender affirmed that the directors of Mainstreet Bank also resigned their appointments on the same day.

According to Skye Bank, to replace the directors on an interim basis include Amaka Onwughalu, (deputy managing director of Skye Bank) and Dotun Adeniyi (executive director of Skye Bank) was constituted.

Both Onwughalu and Adeniyi will act as interim MD/CEO and ED of Mainstreet Bank.

“Onwughalu will act as the interim MD/CEO of Mainstreet Bank Limited while Adeniyi will act as an executive director. In light of the professional experiences of Onwughalu and 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 lender affirmed.

The lender said 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,” the Bank added.

On his part, Adeniyi was appointed to the board on November 30, 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.

He started his banking career as a trainee manager with the United Bank for Africa (UBA) in 1986.

Skye Bank further affirmed that 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.