CBN Sacks FBN Board over removal of MD/CEO

The governor of the Central Bank of Nigeria, Godwin Emefiele, has sacked the entire members of the board of First Bank Holding and First Bank Nigeria Ltd.

Emefiele, in his speech broadcasted on national television cited insider abuse, insider credit and breakdown of corporate governance as the reason behind the apex bank’s move.

The CBN governor further announced the reinstatement of ousted MD/CEO of First Bank LTD, Dr Sola Adeduntan who was sacked as the MD of the interim Board and was replaced with Gbenga Shobo who was the former Deputy Managing Director of the Bank.

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

The appointment of the following persons as directors in FBN Ltd and FBN Holdings Plc
Holdco
Chairman – Remi Babalola
Dr. Fatade Abiodun Oluwole
Kofo Dosekun
Remi Lasaki
Dr Alimi Abdulrasaq
Ahmed Modibbo
Khalifa Imam
Sir Peter Aliogo
UK Eke – Managing Director

Bank
Chairman – Tunde Hassan-Odukale
Tokunbo Martins
Uche Nwokedi
Adekunle Sonola
Isioma Ogodazi
Ebenezer Olufowose
Ishaya Elijah B. Dodo
Sola Adeduntan – Managing Director
Gbenga Shobo – Deputy Managing Director
Remi Oni – Executive Director
Abdullahi Ibrahim – Executive Director

The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensure the stability of the financial system. There is therefore no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the bank and position it as a banking industry giant.