JUST IN:. CBN uses big hammer, reinstates Adeduntan as MD/CEO, sacks Board of Directors

The Central Bank of Nigeria (CBN) has sacked all the board members of First Bank Nigeria Ltd and First Bank of Nigeria Holdings Plc.

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The apex bank had queried the Board of the bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer and appointing Gbenga Shobo as MD/CEO designate without regulatory approval.

The CBN also faulted appointment of Abdullahi Ibrahim as Deputy Managing Director as well as the appointment of Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu, as executive directors.

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But at a briefing on Friday, CBN Governor, Godwin Emefiele, announced the sacking of all members of the board of the bank for the supposed affront.

Emefiele also reinstated Adeduntan as the MD/CEO of the bank.

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