Con­ver­sion to IFRS is im­prac­ti­ca­ble for now, NAMB tells CBN Skye Bank gets new GMD, DMD

Daily Trust - - NEWS - From Kay­ode Ekun­dayo, La­gos

The Na­tional As­so­ci­a­tion of Mi­cro­fi­nance Banks (NAMBs) on Mon­day said that the Cen­tral Bank of Nigeria’s di­rec­tive to its mem­bers to adopt the In­ter­na­tional Fi­nan­cial Reporting Stan­dards (IFRS) was im­prac­ti­ca­ble for now.

The as­so­ci­a­tion’s pres­i­dent, Mr. Jethro Akun, in an in­ter­view with the News Agency of Nigeria (NAN) in La­gos, ap­pealed to the CBN to de­fer the im­ple­men­ta­tion till 2016.

Akun said that many of its mem­bers were in a fix be­cause they were ig­no­rant of the process, adding that ma­jor­ity of mi­cro­fi­nance bank oper­a­tors needed time, money and train­ing to tran­sit from the old ways to the in­ter­na­tion­ally ac­cepted stan­dards.

NAN re­ports that IFRS al­lows the in­vest­ing pub­lic and other stake­hold­ers ac­cess to the record of op­er­a­tions of a firm.

Only 10 out of the 900 mi­cro­fi­nance bank oper­a­tors have so far com­plied with the di­rec­tive.

The CBN di­rec­tive ex­pired on Dec. 31, 2013.

The aim is to sani­tise and sta­bilise the sec­tor to re­pose the con­fi­dence of the in­vest­ing pub­lic in it.

Akun ap­pealed to CBN not to ap­ply the sledge ham­mer on the mi­cro­fi­nance oper­a­tors yet to com­ply with the stan­dards.

He said that ap­ply­ing a strin­gent mea­sure on the sec­tor could hin­der the growth and sur­vival of mi­cro­fi­nance banks in Nigeria.

Ac­cord­ing to him, many oper­a­tors are yet to fully com­pre­hend the pro­cesses in­volved.

“We are not op­posed to this pol­icy and we are ready to com­ply with the stan­dards. We are only ap­peal­ing for an ex­ten­sion of dead­line for its com­pli­ance in or­der to be­come fa­mil­iar with the pro­cesses in­volved.” The Board of Di­rec­tors of Skye Bank Plc has an­nounced the ap­point­ment of Mr. Ti­mothy Ogun­tayo as group man­ag­ing di­rec­tor and chief ex­ec­u­tive of­fi­cer to suc­ceed Mr. Ke­hinde Durosinmi-Etti who will re­tire from the Board on July 31, 2014 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 for the bank. Both ap­point­ments are sub­ject to ap­pro­pri­ate reg­u­la­tory ap­provals.

The bank in a state­ment on Tues­day said 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 out­go­ing 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, and wished him suc­cess in his fu­ture en­deav­ours as he com­mences his ter­mi­nal leave.

The bank said the ap­point­ment of Ti­mothy Ogun­tayo is con­sis­tent with the bank’s 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. 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.

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.

Amaka On­wughalu

Ti­mothy Ogun­tayo

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