Boardroom politics: CBN sacks First Bank Board of Directors, reinstates Adeduntan as MD

The Central Bank of Nigeria (CBN) on Thursday dissolved the board of First Bank of Nigeria Ltd and First Bank of Nigeria Holdings (FBNH).

At a news conference, the CBN Governor, Mr Godwin Emefiele, said the action followed the sudden removal of former Managing Director, Dr. Adesola Adeduntan.

On April 28, the board had announced the removal of Adeduntan as CEO and appointed Mr Gbenga Shobo as replacement.

Emefiele accused the First Bank Board of playing “insider politics”, even as he insisted that it was wrong to have removed Adeduntan without the approval of the apex bank given that the bank was under “regulatory forbearance.”

Emefiele who praised Adeduntan, said his removal was because he stood his ground and insisted that the right things must be done in defiance of some majority stakeholders.

Emefiele reinstated Adeduntan and appointed Mr Remi Babalola as Board Chairman of First Bank Nigeria and Mr Tunde Hassan Udikale as Board Chairman of FBNH.

Mr. UK Ekeh was retained as MD of FBNH.

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