Godwin Emefiele, governor of the Central Bank of Nigeria
(CBN), has announced the reinstatement of Sola Adeduntan, as the managing
director and chief executive officer of First Bank of Nigeria Limited.
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
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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.