CBN Sacks First Bank’s Directors, Reinstates Sola Adeduntan as MD
The regulator has also reinstated Sola Adeduntan as the managing director and chief executive officer of the bank, a day after he was removed by the board.
The governor of the central bank, Godwin Emefiele, made the announcement Thursday while also announcing the constitution of an interim board to stabilise the lender.
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 FirstBank of Nigeria Limited and FirstBank of Nigeria Holdings Plc.”
Emefiele said CBN acted to protect 31 million customers, minority shareholders of First Bank of Nigeria Ltd.
Those appointed to the interim board are: Remi Babalola, chairman of FBN Holdings Plc, Peter Aliugo, Fatade Oluwole, Kofo Dosekun, Remi Lasaki, Alimi Abdulrasaq, Ahmed Modibo, and Khalifa Iman.
The bank appointed Tunde Hassan-Odukale as the new chairman of First Bank Limited, alongside Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Dodo, Remi Oni, Gbenga Sobo and Abdullahi Ibrahim.
The dramatic move came a day after the apex bank queried the board of First Bank of Nigeria Limited for removing Mr Adeduntan, without obtaining regulatory clearance.