First Bank Nigeria Limited on Friday, bowed to the pressure by the Central Bank over the recent organization that pitched it against Nigeria’s top financial regulator.
The bank in a statement confirmed the reinstatement of Dr. Adesola Adeduntan as MD/CEO as earlier directed by the apex bank.
It returned Gbenga Shobo as Deputy Managing Director; Remi Oni, Executive Director and Abdullahi Ibrahim, Executive Director
The bank also announced a board led by Tunde Hassan-Odukale as chairman with Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose and Ishaya Elijah B. Dodo as members.
CBN on Thursday wielded the big stick, sacking the board of the First Bank following the reorganization of top management without “regulatory approval.”
The apex went ahead to reinstate Adeduntan as MD/CEO, while questioning other appointments made by the bank.
“We refer to the Central Bank of Nigeria Limited (CBN) pronouncement on the reconstitution of the Board of Directors of First Bank of Nigeria Limited.
“Further to the press conference held by the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele CON on Thursday, 29 April 2021, the Boards of FBN Holdings Plc and First Bank of Nigeria Limited were dissolved and reconstituted, pursuant to its power under Banks and Other Financial Institutions Act (BOFIA) 2020.
“We can confirm that the bank is cooperating with the Central Bank of Nigeria and other regulators while the operations of the bank are not hampered or hindered in any way and are in fact running smoothly,” the First Bank noted in a statement.
