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CBN Sacks All First Bank Directors, Reinstalls Ex-Managing Director

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The Central Bank of Nigeria (CBN) has sacked all the directors of First Bank of Nigeria (FBN) Limited and First Bank of Nigeria (FBN) Holdings Plc.

The sacking was announced at a press briefing on Thursday by the CBN Governor Mr. Godwin Emefiele,  over the purported removal of the bank’s Managing Director, Mr Adesola Adeduntan and appointment of Mr. Gbenga Shobo by the board on Wednesday.

While addressing journalists, Emefiele said the decision was taken to protect the financial system, following the crisis that greeted the purported changes at FBN.

Adeduntan, who was earlier sacked by the board, was however, reinstated by the apex bank.

The appointment of a new CEO, Shobo, to replace the former CEO, Dr Sola Adeduntan, had been disclosed by the bank in a statement made by the bank’s Chairman, Ibukun Awosika.

The query letter from the Central Bank to First Bank, signed by CBN Director of Banking Supervision, Haruna Mustafa, revealed that the appointment of Shobo was done without the approval of the apex bank.

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