Breaking: CBN sacks all board members of First Bank of Nigeria, First Bank of Nigeria Holding


The governor of the Central Bank of Nigeria, Godwin Emefiele, has sacked the entire members of the board of First Bank Holding and First Bank Nigeria Ltd.

Emefiele, in his speech broadcast on national television, cited insider abuse, insider credit and breakdown of corporate governance as the reason behind the apex bank’s move.

The CBN governor further announced the reinstatement of ousted MD/CEO of First Bank LTD, Dr Sola Adeduntan, who was sacked as the MD of the interim Board and was replaced with Gbenga Shobo who was the former Deputy Managing Director of the Bank.

This action taken by the apex bank comes as it had earlier in the week issued the Board of First Bank Ltd, one of Nigeria’s oldest banks a query for the removal of its CEO citing failure of the bank to obtain its approval.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to media reports that the Board of Directors has approved the removal of the current Managing Director of the bank, Dr Sola Adeduntan, and appointed a successor to replace him. The CBN notes with concern that the action was taken without due consultation with the regulatory authorities, especially given the systemic importance of First Bank Ltd.”

The CBN also claimed that the tenure of Adedutan was yet to expire (bank MD’s have a maximum 10 years) and that they were also not aware of any misconduct of the former MD and as such there was no justification for his removal.

The CBN has further named new board members for both FBN and FBN Holdings.

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