BREAKING: CBN sacks First Bank board, reinstates Adeduntan as MD

OBINNA EZUGWU

The Central Bank of Nigeria (CBN), has dissolved the board of First Bank of Nigeria Limited and First Bank of Nigeria Holdings (FBNH) Plc.

Central Bank governor, Godwin Emefiele who announced the decision at a press conference on Thursday, reinstated Dr. Adesola Adeduntan as MD of First Bank of Nigeria Limited and retained Mr. UK Ekeh as MD of FBNH.

He said the decision became necessary following the sudden removal of Dr. Adeduntan as MD without recourse to the apex bank.

The sacked board had yesterday, announced the removal of Adeduntan as MD and announced the appointment of Gbenga Shobo as new MD.

Emefiele returned Shobo to his original position as Deputy Managing Director; and Remi Oni and Abdullahi Ibrahim as Executive Directors.

Emefiele accused the First Bank Board of playing insider politics, even as he insisted that it was wrong to have removed Adeduntan without prior information to the apex bank, given that the bank was under regulatory forbearance.

He said the apex bank acted to protect 31 million customers, minority shareholders of First Bank of Nigeria Ltd.

Emefiele who praised Adeduntan for reviving the bank since he took office in 2016, said his removal was because he stood his ground and insisted that the right things in defiance of some majority stakeholders whom he accused of carrying out insider dealings.

Emefiele also approved the appointment of Tunde Hassan-Odukale as Chairman of First Bank of Nigeria Limited. Others named as members of the board are: Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Elijah B. Dodo.

The CBN governor announced the appointment of Remi Babalola as Chairman FBN Holdings Plc.

He named Dr. Fatade Abiodun Oluwole, Kofo Dosekun, Remi Lasaki, Dr Alimi Abdulrasaq, Ahmed Modibbo, Khalifa Imam, Sir Peter Aliogo, and UK Eke (Managing Director) as Directors of FBN Holdings Plc