The Central Bank of Nigeria has announced the immediate sack of all of Directors of First Bank Nigeria Limited including FBN holdings.
The membership of the sacked board include Executive director, corporate banking, Remi Oni, Executive Director/Public sector group, Abdullahi Ibrahim, Deputy Managing director, Olugbenga Francis Shobo, and the Chairman of the board, Ibukun Awosika.
The Central Bank of Nigeria Governor, Godwin Emefiele in a swift move made appointments to replace the sacked board members.
Speaking during the press briefing, Emefiele said the apex bank suspected that the board removed Adeduntan because he took some decisions which were not in line with the major shareholders of the bank “who felt hurt and felt he should be removed”.
“This is a bank were depositors’ fund is almost 10 times shareholders’ fund, our interest is to protect depositors and minority shareholders who have no voice in this business. We will not sit idle and allow this to continue,” Emefiele said.
“I spoke to Mr. Oba Otudeko (chairman of First Bank Holdings), he refused to grant my entreaties. I had to call two of his major shareholders to call him to ask the board not to take such decisions without the approval of the CBN. He refused to pick the calls of these shareholders — who are also owners of the bank.
“I called him the second time, I heard on another phone one of the shareholders begging him not to take that decision, he insisted on taking that decision. I sent the shareholder back to the office of Mr. Oba Otudeko to appeal to him to suspend the decision, he refused to see the shareholder. I feel we have done our best and we would not allow a shareholder who cannot subject himself to regulatory control and authority to remain as the director of a bank.”
The new appointees by the CBN include FBN Holdings Chairman Remi Babalola, Dr. Fatade Abiodun Oluwole, Kofo Dosekun, Remi Lasaki, Dr Alimi Abdulrasaq, Ahmed Modibbo, Khalifa Imam, Sir Peter Aliogo and UK Eke – Managing Director
Appointments for the Bank include Chairman Tunde Hassan-Odukale, Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Elijah B. Dodo, Sola Adeduntan – Managing Director, Gbenga Shobo – Deputy Managing Director, Remi Oni – Executive Director and Abdullahi Ibrahim – Executive Director.
