CBN removes First Bank’s board, returns Adeduntan as MD/CEO
The governor of the Central Bank of Nigeria, Godwin Emefiele has sacked the entire members of the board of First Bank Holding and First Bank Nigeria Ltd.
The sack was announced on live television, covered by Arise TV and other news channels.
According to Arise news, Adesola Adeduntan has been reinstated as the Managing Director/Chief Executive Officer of First Bank while UK Eke was retained as group CEO of First Bank Holdings Plc.
CBN named an interim board to replace the sacked directors.
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This is the first time the CBN will be taking such action against the board of a Bank.
This is coming after the apex bank issued a query to the board of directors for appointing Gbenga Shobo as the Managing Director/Chief Executive Officer of First Bank without approval.
CBN claimed the tenure of Adeduntan was yet to expire and 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.