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Business News of Saturday, 1 May 2021

Source: The Boss Newspaper

First Bank vows to cooperate with CBN

The new Board of First Bank Nigeria Plc has affirmed its commitment to cooperate with the nation’s apex bank, the Central Bank of Nigeria ( CBN) following the announcement of a shake up of its Board.

In a statement made available to the media, the bank listed its new Board including the fact that its MD/CEO, Dr Adesola Adeduntan, has returned.

The bank stated “In reference to the Central Bank of Nigeria Limited (CBN) pronouncement on the reconstitution of the Board of Directors of First Bank of Nigeria Limited.

Further to the press conference held by the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele CON on Thursday, 29 April 2021, the Boards of FBN Holdings Plc and First Bank of Nigeria Limited were dissolved and reconstituted, pursuant to its power under Banks and Other Financial Institutions Act(BOFIA) 2020.

The Board of Directors of First Bank of Nigeria Limited is now comprised as follows:

Mr. Tunde Hassan-Odukale – ChairmanMrs. Tokunbo MartinsMr. Uche NwokediMr. Adekunle SonolaMs. Isioma OgodaziMr. Ebenezer OlufowoseMr. Ishaya Elijah B. DodoDr. Adesola Adeduntan FCA – Managing Director/ Chief Executive OfficerMr. Gbenga Shobo – Deputy Managing DirectorDr. Remi Oni – Executive DirectorMr. Abdullahi Ibrahim – Executive DirectorDr.Adesola Adeduntan has since resumed work as CEO in line with the directives of the CBN.

We can confirm that the Bank is cooperating with the Central Bank of Nigeria and other regulators while the operations of the Bank are not hampered or hindered in any way and are in fact running smoothly.

We further wish to reassure the public, our esteemed customers and stakeholders in the words of the Governor of the Central Bank in concluding his press conference,

“The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensuring the stability of the financial system. There is therefore no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the Bank and position it as a banking industry giant.

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