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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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.