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CBN sacks Awosika, Otudeko, appoints new board for First Bank -

CBN sacks Awosika, Otudeko, appoints new board for First Bank -
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CBN Announces Appointment Of New Directors For First Bank, Reinstates Adeduntan As MD

Sarah Wakili-Effin The Central Bank of Nigeria (CBN) has announced new appointments in one of Nigeria’s commercial banks, First Bank of Nigeria PLC, and retained Dr Sola Adeduntan as the bank’s Managing Director. This comes a day after the bank announced the removal of Adeduntan and Gbenga Shobo as his successor. The CBN, however, queried the bank for the move on Thursday, saying that it did not notify it of the decision to remove Adeduntan who had yet to complete his tenure. As news of the query made the rounds, the Central Bank Governor, Godwin Emefiele, told a news conference in Abuja that: “Ordinarily the board is vested with the authority to make changes in the management team subject to CBN approval.

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Why chairmen, directors of First Bank Holdings, First Bank Plc were removed---CBN

Share The Central Bank of Nigeria (CBN) on Thursday removed Mr. Oba Otudeko and Mrs. Ibukun Awosika as Chairman of First Bank Holdings Company and Chairman, First Bank of Nigeria Plc respectively. The bank also removed all the directors of the bank and the holding company. At a press conference in Abuja, CBN Governor, Mr. Godwin Emefiele, said Otudeko on three occasions rejected his entreaties not to remove Mr. Sola Adeduntan as managing director of the bank without making recourse to CBN, which has been providing regulatory forbearance to since 2016. The apex bank announced the reappointment of Adeduntan as Managing Director and Gbenga Shobo as Deputy Managing Director of the bank respectively.

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Breaking News | CBN Sacks First Bank Directors, Retains Adeduntan As MD

Views: Visits 31 CBN Governor, Mr Godwin Emefiele By Emma Ujah – Abuja The Central Bank of Nigeria (CBN) Thursday, removed the Boards of Directors of First Bank of Nigeria Plc and the FBN Holding. It also wielded the big stick against the FBN Holding Ltd. Announcing the decision to sack the Directors at a briefing in Abuja, the CBN Governor, Godwin Emefiele, said that the apex bank had to remove the Directors for trying to remove Mr Adeduntan from office without consulting the regulars. While announcing the reinstatement of the MD, Emefiele said that the CBN was satisfied with the work of the MD, and those trying to remove him were the ones who were not comfortable with his insistence on adherence to regulations.

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Why CBN sacked First Bank board -- Emefiele (FULL TEXT)

4 min read Nigeria’s premier bank, First Bank, has for years been plagued by “bad credit decisions, significant and non-performing insider loans and poor corporate governance practices”, the Central Bank of Nigeria has said. 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. In a speech to journalists, CBN governor, Godwin Emefiele, said First Bank maintained healthy operations up until 2016 financial year when the CBN’s examination revealed that the bank was in grave financial condition with its capital adequacy ratio and non-performing loans ratio substantially breaching acceptable standards.

United kingdomAdekunle sonolaGbenga shoboKofo dosekunUche nwokediFatade abiodun oluwoleAlimi abdulrasaqPeter aliogoSola adeduntanIshaya elijahKhalifa imamAbdullahi ibrahimRemi lasakiAhmed modibboRemi babalolaIsioma ogodazi