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BREAKING: CBN Sacks All Board Members Of First Bank Of Nigeria Over Removal Of CEO

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Emefiele Research

The governor of the Central Bank of Nigeria, Godwin Emefiele, on Thursday sacked the entire members of the board of First Bank Holding and First Bank Nigeria Ltd.

The sack was announced on live television, covered by Arise TV and other news channels. Emefiele, in his speech, cited insider abuse, insider credit and breakdown of corporate governance as the reason behind the apex bank’s move.

The CBN governor further went ahead to announce that Dr Sola Adeduntan had been reinstated as the Managing Director of the interim Board.

Recall that Central Bank of Nigeria (CBN) yesterday queried the board of First Bank Nigeria Limited over the removal of the Managing Director/Chief Executive of the bank, Dr. Adesola Adeduntan, saying the action was without regulatory approval.

The apex bank said the board’s move has “dire implications for the bank and also portends significant risks to the stability of the financial system.”

The central bank stated this in a letter dated April 28, 2021, signed by its Director, Banking Supervision, Mr. Haruna Mustafa, and addressed to the bank’s Chairman, Mrs. Ibukun Awosika.

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