Power Tussle At First Bank Forces Group Managing Director To Retire

The Group Managing Director of First Bank Holdings, Mr. U.K. Eke, has voluntarily retired in the heat of the power tussle in the bank.

The retirement is coming less than 24 hours after the company announced that its Chairman, Mr Tunde Hassan-Odukale has toppled billionaire businessman, Femi Otedola, as the single majority shareholder.

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Odukale has 1,923,512,099 direct and indirect shares which is 5.26 per cent of the company’s shares, while Otedola has 1,818,551,625 direct and indirect shares which equals 5.07 per cent of the First Bank shares.

The bank made the submission on behalf of its new chair in a five- page document seen by THE WHISTLER explaining how its chairman.

FBH said, “The Board accepted the Notice of voluntary Retirement of the Group Managing Director, Mr. U.K. Eke, MFR with effect from December 31, 2021, having served for two terms,” the bank said in a document posted on the Nigerian Exchange Ltd.

The company’s board said it has appointed Nnamdi Okonkwo as the new Group Managing
Director of FBN Holdings Plc, with effect from January 1, 2022

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But it clearly stated that the replacement is subject to the approval of the Central Bank of Nigeria (CBN) and the shareholders.

The shareholders are expected to give approval at the next Annual General Meeting of the Company.

On April 29 this year, the Central Bank of Nigeria dismissed the boards of the bank and its holding company, FBN Holdings, in a dramatic move that came a day after the bank appointed a new managing director.

The sacked board members include the Chairman of First Bank Ltd, Ibukun Awosika. The regulator reinstated the former Managing Director of the bank, Adesola Adeduntan.

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