Central Bank of Nigeria dissolves First Bank Board

The Central Bank of Nigeria (CBN) has sacked all directors of First Bank of Nigeria(FBN) and also reinstated Sola Adeduntan as the Managing Director and Chief Executive Officer of the bank.

Penpushing reports that, the Governor of Central Bank, Godwin Emefiele made the announcement Thursday and equally announced the constitution of an interim board to stabilise the lender, while this is coming a day Adeduntan was removed by the board

The announcement added that those appointed to the interim board include: Remi Babalola, chairman of First Bank of Nigeria(FBN) Holdings Plc, Peter Aliugo, Fatade Oluwole, Kofo Dosekun, Remi Lasaki, Alimi Abdulrasaq, Ahmed Modibo, and Khalifa Iman.

Penpushing further reports that, in the same vein,the bank appointed Tunde Hassan-Odukale as the new chairman of First Bank Limited, alongside Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Dodo, Remi Oni, Gbenga Sobo and Abdullahi Ibrahim.

Meanwhile, the sudden move came a day after the apex bank queried the board of First Bank of Nigeria Limited for removing  Adeduntan, without obtaining regulatory clearance.

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