The Central Bank of Nigeria (CBN) has announced the immediate removal of all of the directors of First Bank Nigeria Limited as well as FBN holdings.
The announcement comes on the heels of the CBN’s ultimatum to First Bank to call in a credit facility extended to Honeywell Flour Mills, as reported by this online news platform earlier.
According to Emefiele, he 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.”
Nevertheless, one of the important points in the CBN’s announcement this evening is the return of Dr. Sola Adedutan as the MD/CEO of FirstBank of Nigeria. Yesterday, the board of First Bank had announced Adedutan’s retirement and appointed Gbenga Shobo in his place.
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The CBN had also warned FirstBank in a separate memo that Adedutan’s removal was improper because his tenure had not elapsed. The Apex Bank also said that it received no notification of the entire process.
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