The Central Bank of Nigeria with the power vested in it as the peak and regulator of the activities of commercial banks on Thursday has promptly ordered the removal of the entire members of the board of First Bank Nigeria Ltd and First Bank Nigeria Holdings Plc.
In a briefing today, the CBN governor, Godwin Emefiele give the order of sacking all members of the board of the bank as the bank has denied its order.
Recall that the CBN had queried the Board of the 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.
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.”