CBN Sacks All First Bank Administrators, Reinstates Ex-Managing Director

The Central Bank of Nigeria (CBN) has sacked your complete directors of First Bank of Nigeria (FBN) Itsy-bitsy and First Bank of Nigeria (FBN) Holdings Plc.

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

Emefiele, while addressing journalists, acknowledged the choice was once taken to protect the financial system, following the disaster that greeted the purported adjustments at FBN.

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

SaharaReporters had reported how the CBN in a attach a query to, dated April 28 and received by SaharaReporters great that the Board of Administrators of First Bank of Nigeria Itsy-bitsy published that it had appointed Gbenga Shobo as its Managing Director/Chief Govt Officer “with out due session with the regulatory authorities, in particular given the systemic significance” of the bank.

The appointment of a brand current CEO, Shobo, to interchange the faded CEO, Dr Sola Adeduntan, had been disclosed by the bank in a assertion made by the bank’s Chairman, Ibukun Awosika.

The attach a query to letter from the Central Bank to First Bank, signed by CBN Director of Banking Supervision, Haruna Mustafa, published that the appointment of Shobo was once carried out with out the approval of the apex bank.

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