Sarah Wakili-Effin

The Central Bank of Nigeria (CBN) has announced new appointments in one of Nigeria’s commercial banks, First Bank of Nigeria PLC, and retained Dr Sola Adeduntan as the bank’s Managing Director.

This comes a day after the bank announced the removal of Adeduntan and Gbenga Shobo as his successor.

The CBN, however, queried the bank for the move on Thursday, saying that it did not notify it of the decision to remove Adeduntan who had yet to complete his tenure.

As news of the query made the rounds, the Central Bank Governor, Godwin Emefiele, told a news conference in Abuja that: “Ordinarily the board is vested with the authority to make changes in the management team subject to CBN approval.

“However, the CBN considers itself a key stakeholder in management changes involving FBN due to the forbearances and close monitoring by the Bank over the last 5 years aimed at stemming the slide in the going concern status of the bank.

“It was therefore surprising for the CBN to learn through media reports that the board of directors of FBN, a systemically important bank under a regulatory forbearance regime had effected sweeping changes in executive management without engagement and/or prior notice to the regulatory authorities.”

In reinstating Adeduntan and announcing new directors for the bank, the CBN governor reassured the depositors, creditors and other stakeholders of the bank of its (CBN’s) commitment to ensuring the stability of the financial system.

“There is, therefore, no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the bank and position it as a banking industry giant,” he said.

The apex bank also ordered the immediate removal of all the directors of FBN Limited and FBN Holdings PLC.

Following a further review of the situation and in order to preserve the stability of the bank, so as to protect minority shareholders and depositors, the Management of the CBN in line with its powers under BOFIA 2020 has approved and hereby directs:

Immediate removal of all directors of FBN Ltd and FBN Holdings Plc
The appointment of the following persons as directors in FBN Ltd and FBN Holdings Plc Holdco
Chairman – Remi Babalola
Dr. Fatade Abiodun Oluwole
Kofo Dosekun
Remi Lasaki
Dr Alimi Abdulrasaq
Ahmed Modibbo
Khalifa Imam
Sir Peter Aliogo
UK Eke – Managing Director

Bank

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
Abdullahi Ibrahim – Executive Director

12.0 The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensuring the stability of the financial system. There is therefore no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the bank and position it as a banking industry giant.

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