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But for the timely intervention of the Central Bank for Nigeria in the avoidable board squabbles at First Bank of Nigeria, the relative confidence and stability observed in the banking system in recent times would have been seriously shaken. James Emejo writes
It all began with the news that the erstwhile Board of Directors of First Bank of Nigeria Limited, which was chaired by Mrs. Ibukun Awosika, had approved the appointment of Mr. Gbenga Shobo to succeed Mr. Adesola Adeduntan as the new Managing Director/Chief Executive of the bank.
Adeduntan was ousted after leading the bank since January 2016, but when still within the term limit of his tenure, which is due to expire in December this year.
Obinna Chima
The sacked Chairman of First Bank Nigeria Limited, Mrs. Ibukun Awosika, has said she acted in truth and honesty in the interest of the bank, its stakeholders, and Nigeria during her 11 years sway at the institution. Awosika stated this in a statement titled, “My FBN Group Journey,” she Instagrammed at the weekend.
The Central Bank of Nigeria (CBN) had on Thursday removed all directors of First Bank Nigeria Limited and those of its parent company, FBN Holdings Plc, to try to resolve a boardroom crisis that led to the short-lived retirement of Adesola Adeduntan as the bank’s Managing Director/Chief Executive Officer. Awosika announced the change on Wednesday.
Obinna Chima
Following his restatement by the Central Bank of Nigeria (CBN), Dr. Adesola Adeduntan yesterday officially returned to his position as the Managing Director/Chief Executive Officer of First Bank of Nigeria Limited.
The bank, in a statement signed by its Group Head, Marketing and Corporate Communications, Folake Ani-Mumuney, confirmed Adeduntan’s resumption, stating further that the bank has accepted the board changes effected by the CBN.
The CBN had last Thursday removed all directors of First Bank Nigeria Limited and those of its parent company, FBN Holdings Plc to stave off a boardroom crisis that led to the short-lived retirement of Adeduntan, on Wednesday. The CBN Governor, Mr. Godwin Emefiele, subsequently announced the reinstatement of the bank’s CEO.
By Obinna Chima
The sacked Chairman of First Bank Nigeria Limited, Mrs. Ibukun Awosika, has said that she acted in honour and integrity with the interest of the institution, all its stakeholders and the nation during her 11-year reign at the bank.
Awosika, wrote this in an article she titled: “My FBN Group Journey,” posted on instagram, a social media platform.
The CBN had last Thursday removed all directors of First Bank Nigeria Limited and those of its parent company, FBN Holdings Plc to stave off a boardroom crisis that led to the short-lived retirement of Adeduntan, that was announced by Awosika on Wednesday.