BREAKING: CBN sacks First Bank directors, reinstates Adeduntan as MD/CEO

The Central Bank of Nigeria (CBN) has sacked all the board members of First Bank Nigeria Ltd and First Bank of Nigeria Holdings Plc.

The apex bank had queried the Board of the bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer and appointing Gbenga Shobo as MD/CEO designate without regulatory approval.

The CBN 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.

But at a briefing on Friday, CBN Governor, Godwin Emefiele, announced the sacking of all members of the board of the bank for the supposed affront.

Emefiele also reinstated Adeduntan as the MD/CEO of the bank.

He 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.”