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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.
Obinna Chima
The sacked Chairman of First Bank Nigeria Limited, Mrs. Ibukun Awosika, has said she acted in truth and honesty in the interest of the bank, its stakeholders, and Nigeria during her 11 years sway at the institution. Awosika stated this in a statement titled, “My FBN Group Journey,” she Instagrammed at the weekend.
The Central Bank of Nigeria (CBN) had on Thursday removed all directors of First Bank Nigeria Limited and those of its parent company, FBN Holdings Plc, to try to resolve a boardroom crisis that led to the short-lived retirement of Adesola Adeduntan as the bank’s Managing Director/Chief Executive Officer. Awosika announced the change on Wednesday.
By Obinna Chima
The sacked Chairman of First Bank Nigeria Limited, Mrs. Ibukun Awosika, has said that she acted in honour and integrity with the interest of the institution, all its stakeholders and the nation during her 11-year reign at the bank.
Awosika, wrote this in an article she titled: “My FBN Group Journey,” posted on instagram, a social media platform.
The CBN had last Thursday removed all directors of First Bank Nigeria Limited and those of its parent company, FBN Holdings Plc to stave off a boardroom crisis that led to the short-lived retirement of Adeduntan, that was announced by Awosika on Wednesday.