FirstBank confirms reconstitution of board

First Bank of Nigeria has confirmed the reconstitution of its Board of Directors by the Central Bank of Nigeria (CBN), following the removal of its Managing Director/Chief Executive Officer, Dr Adesola Adeduntan without regulatory approval. 

The CBN on Thursday sacked the Mrs Ibukun Awosika-led board which unilaterally removed Dr Adesola Adeduntan as First Bank of Nigeria’s CEO on Wednesday and appointed Mr Gbenga Shobo as his successor without obtaining regulatory approval.
We refer to the Central Bank of Nigeria (CBN) pronouncement on the reconstitution of the Board of Directors of First Bank of Nigeria Limited.

In a statement, the bank stated, “Further to the press conference held by the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele CON on Thursday, 29 April 2021, the Boards of FBN Holdings Plc and First Bank of Nigeria Limited were dissolved and reconstituted, pursuant to its power under Banks and Other Financial Institutions Act (BOFIA) 2020.”

The Board of Directors of First Bank of Nigeria Limited is now comprised as follows:

1. Mr Tunde Hassan-Odukale – Chairman

2. Mrs Tokunbo Martins

3. Mr Uche Nwokedi

4. Mr Adekunle Sonola

5. Ms Isioma Ogodazi

6. Mr Ebenezer Olufowose

7. Mr Ishaya Elijah B. Dodo

8. Dr Adesola Adeduntan FCA – Managing Director/Chief Executive Officer

9. Mr Gbenga Shobo – Deputy Managing Director

10. Dr Remi Oni – Executive Director

11. Mr Abdullahi Ibrahim – Executive Director

Dr Adesola Adeduntan has since resumed work as CEO in line with the directives of the CBN.

It added, “We can confirm that the Bank is cooperating with the Central Bank of Nigeria and other regulators while the operations of the Bank are not hampered or hindered in any way and are in fact running smoothly.

“We further wish to reassure the public, our esteemed customers and stakeholders in the words of the Governor of the Central Bank in concluding his press conference, “The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensuring 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.”