The Central Bank of Nigeria (CBN) has sacked board members of First Bank Nigeria Ltd and First Bank of Nigeria Holdings Plc.
The bank also reinstated Adeola Adeduntan as the MD/CEO of the bank.
Adeduntan was earlier removed by the First Bank board as the Managing Director/Chief Executive Officer and appointed Gbenga Shobo as MD/CEO designate.
However, the apex bank queried the move which it said did not get regulatory approval.
It also faulted 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 respectively.
CBN Governor Godwin Emefiele, hours later announced the sacking of the board over the anomaly.
“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 its powers conferred on it by the Banks and Other Financial Institutions Act 2020, has approved and hereby directs as follows:
“Immediate removal of all the directors of First Bank of Nigeria Limited and First Bank of Nigeria Holdings Plc,” he said.
