FirstBank: CBN appoints new board, reinstates Adeduntan

The Central Bank of Nigeria has reinstated Dr Sola Adeduntan to the position of Managing Director/Chief Executive Officer of First Bank of Nigeria Limited.

Adeduntan was earlier removed by the Mrs Ibukun Awosika-led board, which resulted in the sack of Awosika as Chairman of the board of FBN and Mr Oba Otudeko as Chairman of the board of FBN Holdings Plc.

The erstwhile Awosika-led board had removed Adeduntan and replaced him with Mr Gbenga Shobo as MD/CEO, a move the apex bank faulted for not following due process.

On its Twitter page on Thursday night, the apex bank stated, “CBN reinstates Sola Adeduntan as Managing Director; Gbenga Shobo as Deputy Managing Director; and Remi Oni and Abdullahi Ibrahim as executive directors of First Bank of Nigeria Limited.”

CBN also announced its approval of the appointment of Tunde Hassan-Odukale as Chairman of FirstBank and Remi Babalola as Chairman of FBN Holdings.

The apex bank also appointed Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, and Ishaya Elijah B. Dodo as directors of FirstBank.

It appointed Dr Fatade Oluwole, Kofo Dosekun, Remi Lasaki, Dr Alimi Abdulrasaq, Ahmed Modibbo, Khalifa Imam, Peter Aliogo, and UK Eke (MD) as Directors of FBN Holdings.

The CBN Governor, Godwin Emefiele, was quoted as saying, “First Bank of Nigeria is one of Nigeria’s systemically important banks given its historical significance, balance sheet size, large customer base and high level of interconnectedness with other financial service providers.”

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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