CBN Sacks FirstBank Board, Reinstates Adeduntan As MD

He said the management of the CBN, in line with its powers under BOFIA 2020 approved and took the action following a review of the situation and in order to preserve stability of the bank to protect minority shareholders and depositors.

The Nigerian Central Bank Governor, Godwin Emefiele / Photo credit: dailypost.ng
The Nigerian Central Bank Governor, Godwin Emefiele / Photo credit: dailypost.ng

The Central Bank of Nigeria (CBN) on Thursday announced the immediate removal of all directors of First Bank of Nigeria Ltd. and and FBN Holdings Plc over purported management changes at the bank.

The CBN Governor, Mr. Godwin Emefiele said this in a statement titled “The Purported Management Change at the First Bank of Nigeria Ltd.

Consequently, Emefiele announced the appointment of Mr. Remi Babalola as the Chairman of FBN Holdings.

Other directors appointed by the apex bank are Dr. Fatade Abiodun Oluwole, Kofo Dosekun, Remi Lasaki, Dr. Alimi Abdulrasaq, Ahmed Modibbo, Khalifa Imam and Sir Peter Aliogo.

Emefiele, however, retained Mr. UK Eke as the holding company’s Managing Director.

READ ALSO: CBN Queries First Bank Over MD Removal Without Approval

On the other hand, Mr Tunde Hassan-Odukale was appointed as the Chairman of FirstBank.

The CBN returned Dr. Sola Adeduntan as the bank’s Managing Director, Mr. Gbenga Shobo as the Deputy Managing Director.

Mr. Remi Oni and Abdullahi Ibrahim were announced as Executive Directors.

Other directors are Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose and Ishaya Elijah B. Dodo.

He said the management of the CBN, in line with its powers under BOFIA 2020 approved and took the action following a review of the situation and in order to preserve stability of the bank to protect minority shareholders and depositors.

“As you may be aware, FBN is one of the systemically important banks in the Nigerian banking sector given its historical significance, balance sheet size, large customer base and high level of interconnectedness with other financial service providers, amongst others.

“By our last assessment, FBN has over 31million customers, with deposit base of N4.2 trillion, shareholders funds of N618 billion and NIBSS instant payment (NIP) processing capacity of 22 per cent of the industry.

“To us at the CBN, not only is it imperative to protect the minority shareholders, that have no voice to air their views, also important, is the protection of the over 31million customers of the bank who see FBN as a safe haven for their hard-earned savings,” he said. (NAN) said this in a statement titled “The Purported Management Change at the First Bank of Nigeria Ltd.

(NAN)

Written by The Interview Editors

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