First Bank directors fired to protect customers, minority shareholders – CBN

The Central Bank of Nigeria on Thursday fired all the directors of First Bank of Nigeria Limited and First Bank of Nigeria Holdings Plc and appointed new persons to fill the positions.

CBN Governor, Godwin Emefiele, announced the removal of the First Bank directors at a press briefing in Abuja.

He said the decision was taken by the management of CBN, the apex regulator of Nigeria’s financial sector, following the query which the CBN had earlier issued the Board of First Bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, without regulatory approval.

Emefiele said, “Following further review of the situation and in order to preserve the stability of the bank so as to protect minority shareholders and depositors, the management of the CBN, in line with powers conferred on it by the Banks and Other Financial Institutions Act 2020, has approved and hereby directs as follows:

“The immediate removal of all the directors of First Bank of Nigeria Limited and First Bank of Nigeria Holdings Plc.”

After removing the directors, the CBN governor announced the appointment of new persons as directors in FBN Ltd and FBN Holdings Plc.

For the newly appointed directors of holding company, Emefiele named them to include Remi Babalola, as chairman and UK Eke as managing director.

Other directors are

Dr Fatade Oluwole, Kofo Dosekun, Remi Lasaki, Dr. Alimi Abdulrasaq, Ahmed Modibbo, Khalifa Imam, and Peter Aliogo.

For the bank, Emefiele named the chairman as Tunde Hassan-Odukale, while Adesola Adeduntan was reinstated as managing director.

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