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Removal Of Directors Of First Bank Of Nigeria Limited: An Analysis Of The Action Taken By The Central Bank Of Nigeria - Corporate/Commercial Law

On the 29th of April, 2021, the Central Bank of Nigeria (" CBN"), the apex regulatory body for banks and other financial institutions in Nigeria created under the CBN Act 2007 ("CBN Act"). ....

Oba Otudeko , Gbenga Shobo , Adesola Adedutan , Ibukun Awosika , Nigeria Deposit Insurance Commission , Central Bank , Holdings Plc , Longev First Bank , First Bank , Deposit Money Bank , High Court , Union Bank , Corporate Affairs Commission , Nigeria Limited , Chief Executive , Allied Matters Act , Danson Izedonmwen , Federal High Court , Capital Adequacy Ratio , Loans Ratio , Honeywell Flour Mills , Financial Institutions , Nigeria Deposit Insurance , Discount Houses , Systematically Important , Removal Of Directors First Bank Nigeria Limited An Analysis The Action Taken By Central ,

FirstBank Nigeria Directors Sack: Analysis Of Action Taken By CBN |


INTRODUCTION
On the 29th of April, 2021, the Central Bank of Nigeria (“ CBN”), the apex regulatory body for banks and other financial institutions in Nigeria created under the CBN Act 2007 (“CBN Act”),1 announced the removal of all the directors of First Bank of Nigeria Limited (“FBN”) and its holding company, FBN Holdings Plc (“FBN Holdings”). The CBN also re-appointed 14 out of the 21 directors affected by the removal to form a new board of directors for the two institutions and reinstated the removed Managing Director/Chief Executive Officer of FBN (“MD/CEO”), Dr. Adesola Adeduntan.2
This action raises important legal issues, which will be addressed in this article, especially with regards to the regulatory powers of CBN to make decisions concerning the constitution of the board of directors of financial institutions in Nigeria. ....

Oba Otudeko , Gbenga Shobo , Adesola Adedutan , Adesola Adeduntan , Ibukun Awosika , Nigeria Deposit Insurance Commission , Central Bank , Holdings Plc , Longev First Bank , Nigeria Limited , First Bank , Deposit Money Bank , High Court , Corporate Affairs Commission , Union Bank , Chief Executive Officer , Allied Matters Act , Danson Izedonmwen , Federal High Court , Capital Adequacy Ratio , Non Performing Loans Ratio , Honeywell Flour Mills , Financial Institutions Act , Nigeria Deposit Insurance , Corporate Governance , Discount Houses ,