NEWS

CBN sacks all First Bank Holdings directors, reinstates Sola Adeduntan as MD.

By: La Belle Reine D'Awka.

The Central Bank of Nigeria wielded its big stick on First Bank of Nigeria Limited as the apex regulator of activities of commercial banks on thursday when it fired the entire members of the board of First Bank Holding and First Bank Nigeria Ltd.

Recall, the apex bank queried the Board of the First Bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, without regulatory approval.

The CBN 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.

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Godwin Emefiele, governor of the CBN, made this announcement in a press briefing on Thursday.

He also announced the immediate removal of all directors of FBN limited and FBN Holdings.

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