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First Bank: CBN Reinstates Adeduntan, Sacks Otudeko, Bank's Boards

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. ....

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CBN Fires First Bank s Directors
Last night the Central Bank of Nigeria announced the immediate removal of all the directors of First Bank Nigeria Limited as well as FBN Holdings.
Wait, what? You read that right. Godwin Emefiele, governor of the apex bank, made the announcement on live television. In his speech, he mentioned insider abuse, insider credit and breakdown of corporate governance.
Okay, but how did we get here? Earlier yesterday, Olumuyiwa reported an exclusive story detailing how the central bank had ordered First Bank to call in Oba Otudekoâs loan for his company Honeywell Flour Mills within 48 hours. ....

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Breaking News | CBN Sacks First Bank Board, Reinstates Ousted MD, Adeduntan

Dr Adesola Adeduntan, Chief Executive Officer, FirstBank Nigeria Limited.
The Central Bank of Nigeria (CBN), yesterday, sacked the boards of First Bank Nigeria Limited and its holding company, FBN Holdco, citing insider abuse and corporate governance breakdown as reasons. The apex bank also set up interim boards, reinstalling the ousted Managing Director/ Chief Executive, Dr. Sola Adeduntan. The interim board chairman of the bank, according to CBN, will be Tunde Hassan-Odukale. Other members of the bank subsidiary are Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Elijah Dodo, Gbenga Shobo, Remi Oni and Abdullahi Ibrahim.
The board of the holding company is chaired by Remi Babalola while the managing director is U.K. Eke. Other members are Dr. Fatade Abiodun Oluwole, Kofo Dosekun, Remi Lasaki, Dr. Alimi Abdulrasaq, Ahmed Modibbo, Khalifa Imam and Peter Aliogo. ....

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CBN issues ultimatum to First Bank of Nigeria on divesting its interest in Honeywell Flour Mills

The CBN raised its concerns that First Bank of Nigeria had not complied with regulatory directives on divesting its interest in Honeywell Flour Mills ....

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CBN Queries First Bank as CEO is 'Purportedly Ousted'

â¢Shareholders weigh options, Otudeko, Odukale and Adenuga in battle for conntrol
By Obinna Chima
The Central Bank of Nigeria (CBN) yesterday queried the board of First Bank Nigeria Limited over the removal of the Managing Director/Chief Executive of the bank, Dr. Adesola Adeduntan, saying the action was without regulatory approval.
The apex bank said the board’s move has âdire implications for the bank and also portends significant risks to the stability of the financial system.â
The central bank stated this in a letter dated April 28, 2021, signed by its Director, Banking Supervision, Mr. Haruna Mustafa, and addressed to the bankâs Chairman, Mrs. Ibukun Awosika, a copy of which was obtained by THISDAY. ....

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