CBN Appoints New Executive Directors For Three Banks

The Central Bank of Nigeria has announced the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively.
The announcement which was made by the spokesperson of the bank, Mr. Mohammed Abdullahi said the appointment followed the removal of the CEO’s of the affected banks and their replacement with new ones. The new Executive Directors are as follows:
 
Bank PHB
1. Mr. Gabriel Ohioma Edgal
2. Mr. Fredrick Olusegun Bolaji
3. Mr. Ayaba M. Ayo Joseph
4. Mr. Hassan Alwan Ali
 
Spring Bank
1. Mr. Onodugo Chike Paschal
2. Dr. Kabir Ahmed
3. Mr. Fakile Emmanuel Olugbenga
Equitorial Trust Bank Plc
1. Mr. Obaleke Femi
2. Mr. Fakeye Akinsola Jacob
3. Mr. Tilewa Adebajo
The appointment of the Executive Directors by the Governor is in consonance with the on-going banking reforms pursuant to the powers vested in him by Section 35 (2) of the Banks & Other Financial Institutions Act.
 
The appointed Executive Directors have since assumed duty.
 
In another development the Central Bank has denied some reports that insinuated that it ordered the mass sack of Deposit Money Banks’ staff and rationalization of their branches.
 
In a statement by the bank it said that “the Central Bank of Nigeria has never directed commercial banks to sack staff or rationalize branches as reported.
 
“Banks are private enterprises and the decision to engage or disengage staff is best left to the management and boards of the institution. These decisions are taken on the basis of business imperatives.
 
“The CBN expects all banks to follow due process in honouring all terms of appointment of their employees and any collective agreements signed with Workers’ Unions. However, the CBN does not consider it appropriate to encourage loss-making banks to further erode depositors’ funds and capital through inefficiencies in cost management.”

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