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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. ....
Shake up in First Bank as CBN reinstates Adeduntan, names new directors By Chinyere Joel-Nwokeoma Lagos, April 29, 2021 The Central Bank of Nigeria (CBN) on Thursday announced the immediate removal of all directors of First Bank of Nigeria Ltd. and and FBN Holdings Plc over purported management changes at the bank. The CBN Governor, Mr Godwin Emeifele said this in a statement titled âThe Purported Management Change at the First Bank of Nigeria Ltd. Consequently, Emeifele announced the appointment of Mr Remi Babalola as the Chairman of FBN Holdings. Other directors appointed by the apex bank were Dr Fatade Abiodun Oluwole, Kofo Dosekun ....
April 30, 2021 April 30, 2021 The Central Bank of Nigeria (CBN) has queried the Board of the First Bank of Nigeria Plc for removing Dr Adesola Adeduntan, the Managing Director/Chief Executive Officer, without regulatory approval. The query is contained in a letter dated April 28, 2021 signed by the CBN Director, Banking Supervision, Mr Haruna Mustafa; and addressed to the bank’s Chairman, Mrs Ibukun Awosika. Mustafa said that the action was taken without due consultations with the regulatory authorities, especially given the systemic importance of the commercial bank. He noted that the tenure of Adeduntan was yet to expire, according to the News Agency of Nigeria, which reported the development. ....