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The Economic and Financial Crimes Commission, EFCC, has stepped into the current management crisis rocking the First Bank of Nigeria.
The Street Journal gathered that the anti-graft agency has invited Oba Otudeko, as well as other prominent figures over some dubious loans taken from the financial institution, which has been present in Nigeria for over a century.
According to a memo, Oba Otudeko, who is the owner of Honeywell Flour Mills was asked to repay a loan to First Bank within 48 hours.
“Consequently, the company (Honeywell Flour Mills) is required to fully repay its obligations to the bank within 48 hours, failing which the CBN will take appropriate regulatory measures against the insider borrower and the bank,” according to a memo made available.
Shake up in First Bank as CBN reinstates Adeduntan, names new directors
By Chinyere Joel-Nwokeoma
Lagos, April 29, 2021 The Central Bank of Nigeria (CBN) on Thursday announced the immediate removal of all directors of First Bank of Nigeria Ltd. and and FBN Holdings Plc over purported management changes at the bank.
The CBN Governor, Mr Godwin Emeifele said this in a statement titled âThe Purported Management Change at the First Bank of Nigeria Ltd.
Consequently, Emeifele announced the appointment of Mr Remi Babalola as the Chairman of FBN Holdings.
Other directors appointed by the apex bank were Dr Fatade Abiodun Oluwole, Kofo Dosekun
Godwin Emefiele, governor of the Central Bank of Nigeria
(CBN), has announced the reinstatement of Sola Adeduntan, as the managing
director and chief executive officer of First Bank of Nigeria Limited.
2.0 The media has been awash with commentaries on the
purported management changes at First Bank of Nigeria Ltd (FBN) and the related
regulatory inquiry by the Central Bank of Nigeria (CBN) to the Board of First
Bank of Nigeria Limited. It has therefore become necessary for me to address
the public to clear any misconceptions.
3.0 Ordinarily the board is vested with the authority to
make changes in the management team subject to CBN approval. However, the CBN
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