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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. ....
Views: Visits 933 The Economic and Financial Crimes Commission, EFCC, has stepped into the current management crisis rocking the First Bank of Nigeria. The Street Journal gathered that the anti-graft agency has invited Oba Otudeko, as well as other prominent figures over some dubious loans taken from the financial institution, which has been present in Nigeria for over a century. According to a memo, Oba Otudeko, who is the owner of Honeywell Flour Mills was asked to repay a loan to First Bank within 48 hours. “Consequently, the company (Honeywell Flour Mills) is required to fully repay its obligations to the bank within 48 hours, failing which the CBN will take appropriate regulatory measures against the insider borrower and the bank,” according to a memo made available. ....
Shake up in First Bank as CBN reinstates Adeduntan, names new directors By Chinyere Joel-Nwokeoma Lagos, April 29, 2021 The Central Bank of Nigeria (CBN) on Thursday announced the immediate removal of all directors of First Bank of Nigeria Ltd. and and FBN Holdings Plc over purported management changes at the bank. The CBN Governor, Mr Godwin Emeifele said this in a statement titled âThe Purported Management Change at the First Bank of Nigeria Ltd. Consequently, Emeifele announced the appointment of Mr Remi Babalola as the Chairman of FBN Holdings. Other directors appointed by the apex bank were Dr Fatade Abiodun Oluwole, Kofo Dosekun ....
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has announced the reinstatement of Sola Adeduntan, as the managing director and chief executive officer of First Bank of Nigeria Limited.
2.0 The media has been awash with commentaries on the purported management changes at First Bank of Nigeria Ltd (FBN) and the related regulatory inquiry by the Central Bank of Nigeria (CBN) to the Board of First Bank of Nigeria Limited. It has therefore become necessary for me to address the public to clear any misconceptions.
3.0 Ordinarily the board is vested with the authority to make changes in the management team subject to CBN approval. However, the CBN ....