CBN sacks all Directors of First Bank of Nigeria, First Bank of Nigeria Holding

Central Bank of Nigeria governor, Godwin Emefiele, has sacked all directors of First Bank Holding and First Bank Nigeria Ltd.

The apex bank governor also reinstated Sola Adeduntan as the managing director and chief executive officer of First Bank of Nigeria Limited.

Emefiele during live coverage, covered by news channels said the measures were taken following the Bank’s Board decision, without informing the apex bank.

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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. However, directed U.K Eke to remain the group CEO of FBN Holdings plc.

The cable reported on Thursday, the apex bank queried the board of First Bank of Nigeria Limited over the removal of Sola Adeduntan, without due consultation with regulatory authorities.

“The CBN was not made aware of any report from the board indicting the managing director of any wrong-doing or misconduct; there appears to be no apparent justification for the precipitate removal,” the letter signed by Haruna Mustafa, CBN’s director of banking supervision, read.

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“We are particularly concerned because the action is coming at a time the CBN has provided various regulatory forbearances and liquidity support to reposition the bank, which has enhanced its asset quality, capital adequacy, and liquidity ratios amongst other prudential indicators.

“It is also curious to observe that the sudden removal of the MD/CEO was done about eight months to the expiry of his second tenure, which is due on December 31, 2021.”

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