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.
Investor demand for FBN Holdings shares rose significantly on Friday, April 30, 2021, a day after the central bank fired the board members of the company and the bank.
About 74 million shares of the stock has been traded today making it the stock with the highest volume of trade and value during the day.
With an hour to go, the bank had a bid depth of about 73.5 million and an offer depth of 34.5 million indicative of a net bid and suggesting that there were more investors interested in buying the bank’s shares than wanting to sell. Bids refer to a request to buy a stock while offer represents a request to sell a stock.
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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