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Battle for First Bank: The untold story

Share It was meant to be a master stroke that would secure the bank permanently under their armpit, boost their ego and keep their antagonists at bay, but the sacking of Dr Adesola Adeduntan, First Bank Managing Director, by the bank’s board members, turned out to be their undoing as they underestimated the capacity and resolve of those they were dealing with. The attempt to remove Adeduntan earned them a sack from the Central Bank of Nigeria (CBN) as the board was dissolved, while Adeduntan was reinstated. The drama started the day after the Annual General Meeting (AGM) of its holding company, FBN Holdings Plc, on Tuesday April 27. At the AGM, First Bank, the commercial banking arm of the Group, headed by Dr Adeduntan, posted gross earnings of ₦539.0billion, total assets of ₦7.4trillion and profit after tax of ₦67.8billion. The performance was considered good enough by the shareholders because the arm made significant contribution to the fortunes of the Group.

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Breaking News | CBN And Corporate Malpractice Cover-Up

CBN Until last week, many Nigerians without insider knowledge of what goes on behind the banking halls, thought the country could count on a stable financial system as it pulls through the battered economy. Sadly, on Thursday, the Central Bank of Nigeria (CBN) exposed what had become ‘clandestine affairs between it and the country’s topmost old generation financial institution, First Bank of Nigeria Limited. And it took rather an attempt at corporate assertiveness by the now-ousted boards of the bank for the CBN to move into action, which raises a question on the genuineness and sincerity of the intention of the regulator.

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CBN issues ultimatum to First Bank of Nigeria on divesting its interest in Honeywell Flour Mills

The CBN raised its concerns that First Bank of Nigeria had not complied with regulatory directives on divesting its interest in Honeywell Flour Mills

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CBN sacks Awosika, Otudeko, appoints new board for First Bank -

CBN sacks Awosika, Otudeko, appoints new board for First Bank -
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CBN Queries First Bank as CEO is Purportedly Ousted

â¢Shareholders weigh options, Otudeko, Odukale and Adenuga in battle for conntrol By Obinna Chima The Central Bank of Nigeria (CBN) yesterday queried the board of First Bank Nigeria Limited over the removal of the Managing Director/Chief Executive of the bank, Dr. Adesola Adeduntan, saying the action was without regulatory approval. The apex bank said the board’s move has âdire implications for the bank and also portends significant risks to the stability of the financial system.â The central bank stated this in a letter dated April 28, 2021, signed by its Director, Banking Supervision, Mr. Haruna Mustafa, and addressed to the bankâs Chairman, Mrs. Ibukun Awosika, a copy of which was obtained by THISDAY.

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