First Bank reinstates Sola Adeduntan as MD after CBN intervention

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On Wednesday, the commercial bank
First Bank had said Adeduntan will be leaving the position in accordance with the bank’s term limit for its chief executives, after leading the bank since January 2016.
But in a letter dated April 28 and addressed to Ibukun Awosika, the chairman of First Bank, the CBN said the tenure of Adeduntan was yet to expire.
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The apex bank said it is not aware of any report from the board indicting the managing director of any wrong-doing or misconduct.
On Thursday, Godwin Emefiele, governor of the CBN, ordered the reinstatement of Adeduntan as MD of the tier-1 lender.

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