They Central Bank of Nigeria has sacked the Board of the First Bank of Nigeria.
This was announced today at a Press Briefing by the Governor of the CBN, Mr. Godwin Emefiele
Mr. Emefiele said the move to sack the board was informed by the First Bank’s unilateral decision to effect changes to bank’s management without prior approval of the CBN.
He said the CBN had remained under regulatory intervention for the past five years and as such ought to have sought its approval before embarking on such changes.
Mr. Emefiele said the CBN had intervened to save the bank from issues such as insider loan abuse and poor corporate governance.
He assured the bank’s customers and minority shareholders of jts commitment to protect their savings and investment.
The apex bank had earlier queried the Board of First Bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, and appointing Gbenga Shobo as MD/CEO designate without regulatory approval.
The CBN had also faulted the appointment of Abdullahi Ibrahim as deputy managing director, as well as the appointment of Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu, as executive directors.
At a briefing today, CBN Governor, Godwin Emefiele, announced the sacking of all members of the board of the bank for the supposed affront.
Emefiele also reinstated Adeduntan as the MD/CEO of the bank.
He said, “Following further review of the situation and in order to preserve the stability of the bank so as to protect minority shareholders and depositors, the management of the CBN, in line with its powers conferred on it by the Banks and Other Financial Institutions Act 2020, has approved and hereby directs as follows:
“Immediate removal of all the directors of First Bank of Nigeria Limited and First Bank of Nigeria Holdings Plc.”
