The Game of Thrones at First Bank thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
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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.
We re servicing our First Bank loans, says Honeywell punchng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from punchng.com Daily Mail and Mail on Sunday newspapers.
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.
We re servicing our First Bank loans, says Honeywell msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.