Views: Visits 189
The Central Bank of Nigeria has reinstated Sola Adeduntan as MD/CEO of First Bank Nigeria barely 24 hours after he was replaced by Gbenga Shobo.
The Bank’s Board of Directors appointed Gbenga Shobo on Wednesday as the new MD/CEO. Shobo was previously Deputy Managing Director.
The CBN also sacked all directors and named new board members for both FBN and FBN Holdings PLC.
In a letter addressed to the chairman of the bank, dated April 28th, the Apex Bank considered the removal of the sitting managing director of the bank which has been under regulatory forbearance for about six years without a justifiable reason, as having dire consequences for the bank and also portending significant risks to the stability of Nigeria’s financial system.