The Central Bank of Nigeria has announced the immediate removal of all the directors of First Bank Nigeria Limited as well as FBN Holdings Plc.
The announcement comes on the heels of the CBN’s ultimatum to FBN to call in a credit facility extended to Honeywell Flour Mills, as reported by TechCabal.
While there has been no official statement naming exactly who was sacked, here’s the composition of the board of FBN: Executive Director, Corporate Banking, Remi Oni, Executive Director/Public Sector Group, Abdullahi Ibrahim; Deputy Managing Director, Olugbenga Francis Shobo; and Chairman of the Board, Ibukun Awosika.
As at press time, we understand that U.K Eke, the Group MD of FBN Holdings, will retain his position. So at first glance, it appears that the firing is selective.
Nevertheless, one of the important points in the CBN’s announcement this evening is the return of Dr. Sola Adedutan as the MD/CEO of FBN. Yesterday, the bank’s board had announced Adedutan’s retirement and appointed Shobo in his place.
The CBN had also warned FirstBank in a separate memo that Adedutan’s removal was improper because his tenure had not elapsed. The apex bank also said that it received no notification of the entire process.
Also, the CBN has announced a new board of directors for FBN.
