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CBN sacks all board members of First Bank of Nigeria

The Central Bank of Nigeria has wielded its power on First Bank of Nigeria Limited as the apex regulator of the activities of commercial banks.

On Thursday April 29, the Central Bank sacked all board members of First Bank Nigeria Ltd and First Bank of Nigeria Holdings Plc.

Central Bank had earlier queues First over the removal of its Managing Director and Chief Executive Officer, Adesola Adedunta and replacing him with Gbenga Shobo.

The apex bank was also questioned over the appointment of its new deputy managering director Abdullahi Ibrahim and also the appointment of new executives Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu.

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In the meeting held today, the CBN Governor, Godwin Emefiele, announced the sacking of all members of the board of the bank and reinstated Emefiele as the Managing Director and Chief Executive Officer.

“Following further review of the situation and in order to preserve the stability of the bank so as to protect minority shareholders and depositors, the management of the CBN, in line with its powers conferred on it by the Banks and Other Financial Institutions Act 2020, has approved and hereby directs as follows:

“Immediate removal of all the directors of First Bank of Nigeria Limited and First Bank of Nigeria Holdings Plc.” He said.

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