CBN sacks First Bank directors

April 29, 2021 8:15 PM

Godwin Emefiele, announced the sacking of all members of the board of the bank during a briefing on Thursday.

CBN chief Godwin Emefiele (Sun Newspaper Nigeria)

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, without regulatory approval and appointing Gbenga Shobo as MD/CEO.

The CBN was also reported to have kicked against 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.

During a briefing on Thursday, April 29, 2021, the 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.