CBN Sacks First Bank Directors, Adeduntan Retained As MD

Central Bank of Nigeria (CBN), has fired all directors on the board of First Bank Nigeria Limited.

The apex bank also announced the sacking of board members of First Bank of Nigeria Holdings Plc.

CBN had queried the Board of the bank over the removal Adesola Adeduntan as the Managing Director/Chief Executive Officer and subsequent appointment of Gbenga Shobo as MD/CEO designate without its approval.

It had also faulted the appointment of Abdullahi Ibrahim as deputy managing director, as well as the appointment of Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu, as executive directors.

CBN Governor, Godwin Emefiele, who announced the sacking of all members on the board of the bank, also reinstated Adeduntan as the MD/CEO of the bank.