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CBN sacks First Bank, FBN Holdings directors, retains Adeduntan as MD
On
By Emma Ujah, Abuja Bureau Chief & Babajide Komolafe
The Central Bank of Nigeria, CBN, yesterday, removed the Boards of Directors of First Bank of Nigeria Limited and the FBN Holdings Plc.
The apex bank also reappointed 14 out of the 21 directors affected by the sack into the new board of the two institutions.
The CBN also reinstated Mr Adesola Adeduntan as the Managing Director/Chief Executive of First Bank of Nigeria. Adeduntan was earlier sacked as MD by the former board of the bank.
Announcing the decision to sack the directors at a briefing in Abuja, the CBN Governor, Mr Godwin Emefiele said the apex bank had to remove the directors for trying to remove Adeduntan as MD without consulting the regulators.
â¢Moves to recapitalise bank
Obinna Chima in Lagos and James Emejo in Abuja
In one fell swoop yesterday, the Central Bank of Nigeria (CBN) removed, effective immediately, 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 shortlived retirement of its Managing Director/Chief Executive Officer, Dr. Adesola Adeduntan, on Wednesday.
However, the CBN Governor, Mr. Godwin Emefiele, at a press conference in Abuja, announced the reinstatement of Adeduntan.
He said the central bank took the actions in order to preserve the stability of the bank and protect minority shareholders and depositors.
Views: Visits 7 Godwin Emefiele, CBN Governor. By Emma Ujah, Abuja Bureau Chief & Babajide Komolafe The Central Bank of Nigeria, CBN, yesterday, removed the Boards of Directors of First Bank of Nigeria Limited and the FBN Holdings Plc. The apex bank also reappointed 14 out of the 21 directors affected by the sack into the new board of the two institutions. The CBN also reinstated Mr Adesola Adeduntan as the Managing Director/Chief Executive of First Bank of Nigeria. Adeduntan was earlier sacked as MD by the former board of the bank. Announcing the decision to sack the directors at a briefing in Abuja, the CBN Governor, Mr Godwin Emefiele said the apex bank had to remove the directors for trying to remove Adeduntan as MD without consulting the regulators.
The management of
FBN Holdings PLC, the parent company of First Bank, says the holding company and the bank will cooperate with the new directive from the Central Bank of Nigeria.
The company made this known on Friday through a corporate disclosure to the Nigerian Exchange Limited. The statement was signed by the company secretary, Seye Kosoko.
The regulator sacked the board of the bank and its holding company on Thursday, in a dramatic move that came a day after the bank named a new managing director.
First Bank, Nigeria’s premier bank, has for years been plagued by “bad credit decisions, significant and non-performing insider loans and poor corporate governance practices”, the CBN said Thursday.