Live Breaking News & Updates on Board Of The First Bank
Stay updated with breaking news from Board of the first bank. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
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 ....
April 30, 2021 April 30, 2021 The Central Bank of Nigeria (CBN) has queried the Board of the First Bank of Nigeria Plc for removing Dr Adesola Adeduntan, the Managing Director/Chief Executive Officer, without regulatory approval. The query is contained in a letter dated April 28, 2021 signed by the CBN Director, Banking Supervision, Mr Haruna Mustafa; and addressed to the bank’s Chairman, Mrs Ibukun Awosika. Mustafa said that the action was taken without due consultations with the regulatory authorities, especially given the systemic importance of the commercial bank. He noted that the tenure of Adeduntan was yet to expire, according to the News Agency of Nigeria, which reported the development. ....
The Central Bank of Nigeria (CBN) has queried the Board of the First Bank of Nigeria Plc for removing Dr Adesola Adeduntan, the Managing Director/Chief Executive Officer, without regulatory approval. ....
The letter was addressed to the bank’s chairperson, Ibukun Awosika. Mustafa said that the action was taken without due consultations with the regulatory authorities, especially given the systemic importance of the commercial bank. He noted that the tenure of Adeduntan has yet to expire. “The CBN was not made aware of any report from the board indicting the managing director of any wrongdoing or misconduct; there appears to be no apparent justification for the precipitate removal. “We are particularly concerned because the action is coming at a time the CBN has provided various regulatory forbearances and liquidity support to reposition the bank, which has enhanced its asset quality, capital adequacy and liquidity ratios amongst other prudential indicators. ....