CBN Reinstates First Bank MD, Sacks Directors, Names New Board

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The Central Bank of Nigeria (CBN) has reinstated Sola Adeduntan as the managing director and chief executive officer of First Bank of Nigeria Limited.

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.

Emefiele announced the constitution of an interim board to clean up the large lender and stabilise the company.

Remi Babalola is the interim chairman of the Holding company, other members include, Peter Aliugo, Fatade Oluwole, Kofo Dosekun, Remi Lasaki, Alimi Abdulrasaq, Ahmed Modibo, Khalifa Iman.

Tunde Hassan Odukale is the new chairman of First Bank Limited, other members are Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Dodo, Sola Adeduntan as managing director, Remi Oni, Gbenga Sobo.

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.

The apex bank, however, directed U.K Eke to remain the group CEO of FBN Holdings Plc.

On Thursday, the CBN queried the board of First Bank of Nigeria Limited over the removal of Sola Adeduntan, without due consultation with regulatory authorities.

“The CBN was not made aware of any report from the board indicting the managing director of any wrong-doing or misconduct; there appears to be no apparent justification for the precipitate removal,” the letter signed by Haruna Mustafa, CBN’s director of banking supervision, read.

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“We are particularly concerned because the action is coming at a time the CBN has provided various regulatory forbearances and liquidity support to reposition the bank, which has enhanced its asset quality, capital adequacy and liquidity ratios amongst other prudential indicators.

“It is also curious to observe that the sudden removal of the MD/CEO was done about eight months to the expiry of his second tenure, which is due on December 31, 2021.”

The Pulse

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