CBN sacks FirstBank directors (update)

The Central Bank of Nigeria (CBN) on Thursday sacked the entire members of the board of directors of First Bank Nigeria Ltd and its parent company, FBN Holdings Plc, for announcing the lender’s new Managing Director without regulatory approval.  

The apex had on Wednesday issued queries to the boards for naming Gbenga Shobo as the new managing director designate of FirstBank of Nigeria Limited 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 at a briefing, today, 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.

 

He said, “Following further review of the situation and in order to preserve the stability of the bank so as to protect minority shareholders and depositors, the management of the CBN, in line with its powers conferred on it by the Banks and Other Financial Institutions Act 2020, has approved and hereby directs as follows:

“Immediate removal of all the directors of First Bank of Nigeria Limited and First Bank of Nigeria Holdings Plc.”

Emefiele said CBN acted to protect 31 million customers, minority shareholders of First Bank of Nigeria Ltd.

He further stated, “CBN approves appointment of Remi Babalola as Chairman FBN Holdings Plc.

“CBN appoints Dr Fatade Abiodun Oluwole, Kofo Dosekun, Remi Lasaki, Dr Alimi Abdulrasaq, Ahmed Modibbo, Khalifa Imam, Sir Peter Aliogo, and UK Eke (Managing Director) as Directors of FBN Holdings Plc.

“CBN approves appointment of Tunde Hassan-Odukale as Chairman of First Bank of Nigeria Limited.

“CBN appoints Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Elijah B. Dodo as Directors of First Bank of Nigeria.

“CBN reinstates Sola Adeduntan as Managing Director; Gbenga Shobo as Deputy Managing Director; and Remi Oni and Abdullahi Ibrahim as Executive Directors of First Bank of Nigeria Limited.”