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  • keyboard_arrow_right CBN Sacks ALL Directors Of First Bank Holdings, Reinstates Sola Adeduntan As MD

Business

CBN Sacks ALL Directors Of First Bank Holdings, Reinstates Sola Adeduntan As MD

Oluwaseye Ogunsanya April 29, 2021 20


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The Central Bank of Nigeria (CBN) has announced the immediate removal of all directors of FBN limited and FBN Holdings while reinstating Sola Adeduntan as the MD/CEO of the bank.

Governor of the CBN, Godwin Emefiele, while announcing this on Thursday in a press briefing said the apex bank 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.

However, U.K Eke has been directed by the CBN to remain the Group CEO of FBN Holdings Plc.

On Thursday, the CBN queried the board of First Bank of Nigeria Limited over the removal of Sola Adeduntan, without due consultation with regulatory authorities.

“The CBN was not made aware of any report from the board indicting the managing director of any wrong-doing or misconduct; there appears to be no apparent justification for the precipitate removal,” the letter signed by Haruna Mustafa, CBN’s director of banking supervision, read.

“We are particularly concerned because the action is coming at a time the CBN has provided various regulatory forbearances and liquidity support to reposition the bank, which has enhanced its asset quality, capital adequacy and liquidity ratios amongst other prudential indicators.

“It is also curious to observe that the sudden removal of the MD/CEO was done about eight months to the expiry of his second tenure, which is due on December 31, 2021.”

Emefiele announced the constitution of an interim board to clean up the large lender and stabilise the company.

The First Bank Holdings will now have Remi Babalola as chairman, while Fisrt Bank Limited will have Tunde Hassan-Odukale as chairman.

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