The Central Bank of Nigeria (CBN) has sacked the entire members of the board of First Bank Nigeria Plc.
Godwin Emefiele, Governor of the CBN, announced the decision at a briefing in Abuja on Thursday.
The apex bank had in a letter on Wednesday queried the Board of the First Bank of Nigeria Plc for removing Dr Adesola Adeduntan as its Managing Director/Chief Executive Officer, and appointing Gbenga Shobo as the MD/CEO designate without regulatory approval.
The CBN had also faulted the 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.
In the letter signed by Haruna Mustafa, the CBN Director of Banking Supervision, the apex bank said the action was taken without due consultations with the regulatory authorities, noting that the tenure of Adeduntan has not expired.
Speaking at the briefing, Emefiele said the bank’s board led by Ibikun Awosika, a renowned business entrepreneur, has been sacked for hastily removing the MD/CEO and failing to give prior notice to the CBN before announcing the management change in the media.
He also announced the immediate removal of all directors of FBN Holdings led by renowned industrialist, Oba Otudeko, and reinstated Adeduntan as the MD/CEO of the bank.
The CBN Governor announced the constitution of an interim board to clean up and stabilise the financial institution.
According to him, Remi Babalola is the interim Chairman of the Holding company, while other members include Peter Aliugo, Fatade Oluwole, Kofo Dosekun, Remi Lasaki, Alimi Abdulrasaq, Ahmed Modibo and Khalifa Iman.
The apex bank, however, directed U.K. Eke to remain as the group CEO of FBN Holdings Plc.
Similarly, Tunde Hassan Odukale has been appointed as the new Chairman of First Bank Ltd by the CBN.
Other members of the board are Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Dodo, Sola Adeduntan and Gbenga Shobo.