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Business News of Thursday, 29 April 2021

Source: www.mynigeria.com

CBN fires First Bank of Nigeria directors

The Central Bank of Nigeria has fired the entire board members of First Bank of Nigeria Limited and First Bank of Nigeria Holdings Plc.

This occurred today Thursday, April 29, 2021.

Earlier reports indicate that CBN had initially queried the Board of First Bank of Nigeria for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer and appointing Gbenga Shobo as MD/CEO without regulatory approval.

FBN was also queried on the appointment of Abdullahi Ibrahim as the deputy managing director, Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu, as executive directors.

Speaking at a press briefing, the CBN Governor, Godwin Emefiele revealed that all members of the board of First Bank of Nigeria have been dismissed.

The CBN Governor, on the other hand, reinstated Adeduntan as the MD/CEO of the bank.

“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,” he said.

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