CBN sacks all directors of First Bank, FBN Holdings

The Governor of the Central Bank of Nigeria, Godwin Emefiele has sacked all directors of First Bank of Nigeria and First Bank of Nigeria Holdings.

The sack was announced following an emergency meeting convened by the Apex bank on Thursday evening over new directors appointment made by the bank.

First Bank board of directors had on Wednesday announced a change of guard which CBN deemed as an affront to its regulatory powers.

The board had announced Gbenga Shobo as the new Managing Director and Chief Executive Officer (CEO) while Abdullahi Ibrahim was appointed as deputy managing director.

Other sacked directors include Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu, as executive directors.

During the meeting on Thursday, Emefiele in his speech, cited insider abuse, insider credit and breakdown of corporate governance as the reason behind CBN’s decision to sack all the newly appointed MD and directors.

The CBN governor further went ahead to announce that Dr Adesola Adeduntan will have to continue.

Read also: CBN rejects newly appointed First Bank CEO, threatens disciplinary action

The reinstated Adesola Adeduntan was reportedly forced to retired despite not completing his tenure.

You will recall that earlier, Ripples Nigeria reported how CBN rejected First Bank board new appointments and threatened disciplinary actions.

CBN in a query letter described the appointments by the bank has having a dire implications for the bank and also portends significant risks to the stability of the financial system

Interestingly, this is not the first time the top position of one of Nigeria’s oldest bank have been contentious.

In March 2010, the Supreme Court of Nigeria issued a landmark judgment in favour of plaintiff Bernard Longe.

Bernard Longe was sacked by the board of directors of First Bank of Nigeria Plc (FBN), as Managing Director.

Unsatisfied Longe sort redressed before the Supreme court, and ruling was in his favor, as the court described his sack was done “in his absence, illegal, null and void as it did not follow due process”.

List of the newly constituted interim Board approved by CBN

FBN Holdings

1.Chairman – Remi Babalola

2.Dr. Fatade Abiodun Oluwole

3.Kofo Dosekun

4.Remi Lasaki

5.Dr Alimi Abdulrasaq

6.Ahmed Modibbo

7.Khalifa Imam

8.Sir Peter Aliogo

9. UK Eke – Managing Director

First Bank

1. Chairman – Tunde Hassan-Odukale

2. Tokunbo Martins

3. Uche Nwokedi

4. Adekunle Sonola

5. Isioma Ogodazi

6. Ebenezer Olufowose

7. Ishaya Elijah B. Dodo

8. Sola Adeduntan – Managing Director

9. Gbenga Shobo – Deputy Managing Director

10. Remi Oni – Executive Director

11. Abdullahi Ibrahim – Executive Director

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