CBN Sacks First Bank Directors Over MD’s Removal

The Central Bank of Nigeria on Thursday in a bid to ensure the sanctity of the financial system has fired the entire members of the board of First Bank Plc.

The CBN Governor, Mr Godwin Emefiele announced the decision during a press briefing in Abuja.

The apex bank had on Wednesday 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 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.

But Emefiele during the press briefing frown at the action of the board.

He said, “Following further review of the situation and in order to preserve stability of the bank, so as to protect minority shareholders and depositors, the Management of the CBN in line with its powers under BOFIA 2020 has approved and hereby directs immediate removal of the all directors of FBN Ltd and FBN Holdings Plc

Details later…