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Breaking News Nigeria, Latest Nigerian News > Breaking News > BREAKING! CBN sacks First Bank board
Breaking News

BREAKING! CBN sacks First Bank board

Kehinde Sallah
Kehinde Sallah April 29, 2021
Updated 2021/04/29 at 7:57 PM
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Central Bank of Nigeria Governor Godwin Emefiele (IMAGE CREDIT/REUTERS
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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.

READ ALSO: First Bank in trouble with CBN over change of MD/CEO

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.

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TAGGED: Adesola Adeduntan, CBN VS First Bank, First Bank Holdings Plc, first bank of nigeria, nigeria today
Kehinde Sallah April 29, 2021
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