BREAKING: CBN sacks First Bank’s board, reinstates Adeduntan
By In a shocking response to the removal of the First bank’s managing director, Sola Adeduntan, by its board, the Central Bank of Nigeria (CBN) has, with immediate effect dissolved the board of the bank and directed the removal of all the directors. It also reinstated Adeduntan as the CEO.
The CBN rather announced a new team of the bank, including those for the first bank holdings.
The CBN had earlier issued the Board of First Bank one of Nigeria’s oldest banks a query for the removal of Adeduntan.
The CBN claimed that the ten-year tenure of Adedutan was yet to expire and that there were no reports of any misconduct to necessitate his removal.
CBN Governor, Godwin Emefiele who announced the new decision Thursday evening in Abuja lamented insider abuses that nearly crumbled the oldest bank in Nigeria.
Emefiele said the CEO was removed without due notice to the regulators.
Emefiele also announced that the forbearance which the CBN had given the first bank in the last five years to enable it clean its books has ended with immediate effect.
On Wednesday the Board of Directors of First Bank of Nigeria Limited revealed it had appointed Gbenga Shobo as its Managing Director/Chief Executive Officer (CEO) in a statement endorsed by the bank’s Chairman, Ibukun Awosika.