Bond market: Bond losses seen in India as dissent breaks out at RBI | India Business News indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Share
It was meant to be a master stroke that would secure the bank permanently under their armpit, boost their ego and keep their antagonists at bay, but the sacking of Dr Adesola Adeduntan, First Bank Managing Director, by the bank’s board members, turned out to be their undoing as they underestimated the capacity and resolve of those they were dealing with.
The attempt to remove Adeduntan earned them a sack from the Central Bank of Nigeria (CBN) as the board was dissolved, while Adeduntan was reinstated. The drama started the day after the Annual General Meeting (AGM) of its holding company, FBN Holdings Plc, on Tuesday April 27. At the AGM, First Bank, the commercial banking arm of the Group, headed by Dr Adeduntan, posted gross earnings of ₦539.0billion, total assets of ₦7.4trillion and profit after tax of ₦67.8billion. The performance was considered good enough by the shareholders because the arm made significant contribution to the fortunes of the Group.
A former Chairman, Board of Directors of
First Bank of Nigeria Limited, Ibukun Awosika, has said that she acted in honour and integrity when she chaired the board of the embattled bank.
Mrs Awosika made this known in a statement on Friday titled, ‘My FBN Group Journey’.
The former chairman was removed by the Central Bank of Nigeria on Thursday, alongside all the board members of the bank.
The decision, the apex bank said, was made “to protect 31 million customers, minority shareholders of First Bank of Nigeria Ltd.”
The CBN also announced the immediate appointment of Tunde Hassan-Odukale as Chairman of the bank. Mr Hassan-Odukale, until his appointment, was the Managing Director of Leadway Assurance Company.
The Streetjournal Magazine is an online investigating media house that specializes on systematic, serious crimes, political corruption or corporate wrongdoing.