The Central Bank of Nigeria, CBN, has reinstated Sola Adeduntan as the Managing Director and Chief Executive Officer of First Bank Nigeria.
The CBN also sacked all directors and named new board members for both FBN and FBN Holdings PLC.
CBN had earlier queried the Board of the bank for removing Adesola Adeduntan and appointing Gbenga Shobo as MD/CEO designate without regulatory approval.
The CBN had 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.
The CBN Governor, Godwin Emefiele while announcing the sacking at a press conference 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 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.”