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Okechukwu Nnodim, Abuja
Okechukwu Nnodim, Abuja
Published 30 April 2021
The Central Bank of Nigeria on Thursday fired all the directors of First Bank of Nigeria Limited and First Bank of Nigeria Holdings Plc and appointed new persons to fill the positions.
CBN Governor, Godwin Emefiele, announced the removal of the First Bank directors at a press briefing in Abuja.
He said the decision was taken by the management of CBN, the apex regulator of Nigeria’s financial sector, following the query which the CBN had earlier issued the Board of First Bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, without regulatory approval.
Dr Adesola Adeduntan, Chief Executive Officer, FirstBank Nigeria Limited. The Central Bank of Nigeria (CBN), yesterday, sacked the boards of First Bank Nigeria Limited and its holding company, FBN Holdco, citing insider abuse and corporate governance breakdown as reasons. The apex bank also set up interim boards, reinstalling the ousted Managing Director/ Chief Executive, Dr. Sola Adeduntan. The interim board chairman of the bank, according to CBN, will be Tunde Hassan-Odukale. Other members of the bank subsidiary are Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Elijah Dodo, Gbenga Shobo, Remi Oni and Abdullahi Ibrahim. The board of the holding company is chaired by Remi Babalola while the managing director is U.K. Eke. Other members are Dr. Fatade Abiodun Oluwole, Kofo Dosekun, Remi Lasaki, Dr. Alimi Abdulrasaq, Ahmed Modibbo, Khalifa Imam and Peter Aliogo.
CBN sacks First Bank Directors, retains Adeduntan as MD vanguardngr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vanguardngr.com Daily Mail and Mail on Sunday newspapers.
1.0 Good afternoon ladies and gentlemen.
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 considers itself a key stakeholder in management changes involving FBN due to the forbearances and close monitoring by the Bank over the last 5 years aimed at stemming the slide in the going concern status of the bank. It was therefore surprising for the CBN to learn through media reports that the board of directors of FBN, a systemically important bank under regulatory forbearance regime had effected sweeping changes in executive management without engagement and/or prior notice to the
By James Emejo
The Central Bank of Nigeria (CBN) has sacked all the directors of First Bank of Nigeria (FBN) Limited and First Bank of Nigeria (FBN) Holdings Plc.
Their sack was announced by the CBN Governor Mr. Godwin Emefiele, at a press briefing on Thursday over the purported ouster of the Bank’s Managing Director, Mr Adesola Adeduntan and appointment of Mr. Gbenga Shobo by the board on Wednesday.
CBN Governor, Mr. Godwin Emefiele, while addressing journalists, said the decision was taken to safeguard the financial system, following the crisis that greeted the purported changes at FBN.
Adeduntan, who was earlier sacked by the board, was however, reinstated by the apex bank.