CBN Sacks FirstBank Directors

1 week ago Dammylink 0

A day after it announced the appointment of a new managing director/CEO, the Central Bank of Nigeria (CBN) has sacked the entire members of the Board of First Bank Nigeria Ltd and First Bank of Nigeria Holdings Plc.

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 on Wednesday.

The apex bank 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.

But at a briefing on Thursday, CBN Governor, Godwin Emefiele, announced the dissolution of the board of First Bank for the offence of affront on the regulator.

The CBN governor directed the reinstatement of Adeduntan as the MD/CEO of the bank.

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