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Business News of Sunday, 2 May 2021

Source: The Sun

Awosika justifies Adeduntan’s sack as First Bank MD

Despite being reinstated by the Central Bank of Nigeria (CBN), former Chairman of First Bank of Nigeria Plc, Mrs Ibukun Awosika, has justified the removal of Dr Adesola Adeduntan by the board she led, as a decision taken in the best interest of the bank.

Reacting to Adeduntan’s second coming in an Instagram post on Friday after the erstwhile board prematurely kicked him out of office, Mrs Awosika said: “As a board, we acted in what we clearly believed to be in the best interest of the bank and we had great plans and aspirations for where the bank could go in its future, building on all the work that has already been done in the last five plus years.”

Last Wednesday, the bank had announced the appointment of a new Managing Director, Mr Gbenga Shobo, to steer the affairs of the bank with immediate effect without informing or carrying the apex bank along.

But the CBN rejected the move, arguing that the tenure of Adeduntan was yet to expire, adding that it was not aware of any report from the board indicting the managing director of any wrong-doing or misconduct.

In a follow-up, Governor of the Central Bank, Mr Godwin Emefiele, ordered the reinstatement of Adeduntan.

Emefiele also ordered the sack of all directors of both FBN Plc, and FBN Holdings Plc. But going down memory lane, Mrs Awosika narrated how she had maintained consistency in her contributions to the development of the bank.

Awosika expressed confidence in the potential of the tier-1 lender.

She added that she had always acted with honour and integrity in the best interest of the bank and its stakeholders.

“I am confident we have brought First Bank of Nigeria to a place where it is more than able to deliver utmost value to its stakeholders and the nation at large,” she added.

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