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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. ....
Advertisement It was the most traded stock by volume and valued at N359.83 million. The last time the bank’s share price suffered a decline of this magnitude was on January 5 when it suffered a 8.28 percent decline from N7.85 per share on January 4 to N7.20 per share on January 5. This is coming a day after the Central Bank of Nigeria queried the board First Bank over the removal of Sola Adeduntan, the bank’s managing director and chief executive officer (MD/CEO), without due consultation with regulatory authorities. Advertisement On Wednesday, the First Bank had The bank said Adeduntan will be leaving the position in accordance with the bank’s term limit for its chief executives, after leading the bank since January 2016. ....
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. ....
Advertisement On Wednesday, the bank First Bank said Adeduntan will be leaving the position in accordance with the bank’s term limit for its chief executives, after leading the bank since January 2016. But in a letter dated April 28 and addressed to Ibukun Awosika, the chairman of First Bank, the CBN said the tenure of Adeduntan was yet to expire (MDs of banks have a maximum tenure of 10 years). Advertisement “The CBN was not made aware of any report from the board indicting the managing director of any wrong-doing or misconduct; there appears to be no apparent justification for the precipitate removal,” the letter signed by Haruna Mustafa, CBN’s director of banking supervision, read. ....