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Analysts See looming M&A after CBNâs FBN Holdings Board Rejig FBN Board changes has continued to generating reactions as breakdown in governance code came as surprise to industryâs analysts, especially investment bankers who found the board room game dirty. Reacting to the recent change by the Central Bank of Nigeria, Chapel Hill Denham said it has raised its risk-rate on FBN Holdings, noting that merger and acquisition (M&A) is actually possible in the near term due to the dirty board room game that backfired on disengaged Board members. In the next 12-18 months, analysts at Chapel Hill Denham opened up that M&A is possible given the weaknesses in the capital adequacy ratio and non-performing loan ratios, in breach of acceptable prudential standards of the CBN. ....
According to a statement, they both visited the head office on Wednesday. On hand to receive them were the Group Managing Director, FBNHoldings, Mr. U.K. Eke; the Managing Director of FirstBank, Dr. Adesola Adeduntan, and the Deputy Managing Director of FirstBank, Mr. Gbenga Shobo. “The chairmen held a meeting with the executive team of the Group further to their recent appointments by the Central Bank of Nigeria. “The meeting availed the leadership of the Group the opportunity to update the chairpersons of the Boards on the strategic direction of FBN Holdings and its subsidiaries,” the statement added. Babalola is a graduate of Agricultural Economics from the University of Ibadan. He is a fellow of the Institute of Chartered Accountants of Nigeria, the Chartered Institute of Taxation of Nigeria, and the Institute of Directors of Nigeria. He also holds a Masters of Banking and Finance degree from the University of Lagos ....
Share It was meant to be a master stroke that would secure the bank permanently under their armpit, boost their ego and keep their antagonists at bay, but the sacking of Dr Adesola Adeduntan, First Bank Managing Director, by the bank’s board members, turned out to be their undoing as they underestimated the capacity and resolve of those they were dealing with. The attempt to remove Adeduntan earned them a sack from the Central Bank of Nigeria (CBN) as the board was dissolved, while Adeduntan was reinstated. The drama started the day after the Annual General Meeting (AGM) of its holding company, FBN Holdings Plc, on Tuesday April 27. At the AGM, First Bank, the commercial banking arm of the Group, headed by Dr Adeduntan, posted gross earnings of ₦539.0billion, total assets of ₦7.4trillion and profit after tax of ₦67.8billion. The performance was considered good enough by the shareholders because the arm made significant contribution to the fortunes of the Group. ....
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