Home NewsBusiness CBN Sacks All First Bank Directors, Reinstates Ex-Managing Director

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

by Marjorie

The Central Financial institution of Nigeria (CBN) has sacked all the administrators of First Financial institution of Nigeria (FBN) Restricted and First Financial institution of Nigeria (FBN) Holdings Plc.

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

Emefiele, whereas addressing journalists, stated the choice was taken to guard the monetary system, following the disaster that greeted the purported adjustments at FBN.

Adeduntan, who was earlier sacked by the board, was nonetheless, reinstated by the apex financial institution.

SaharaReporters had reported how the CBN in a question, dated April 28 and obtained by SaharaReporters famous that the Board of Administrators of First Financial institution of Nigeria Restricted revealed that it had appointed Gbenga Shobo as its Managing Director/Chief Govt Officer “with out due session with the regulatory authorities, particularly given the systemic significance” of the financial institution.

The appointment of a brand new CEO, Shobo, to exchange the previous CEO, Dr Sola Adeduntan, had been disclosed by the financial institution in a press release made by the financial institution’s Chairman, Ibukun Awosika.

The question letter from the Central Financial institution to First Financial institution, signed by CBN Director of Banking Supervision, Haruna Mustafa, revealed that the appointment of Shobo was finished with out the approval of the apex financial institution.

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