CBN Announces Appointment Of New Directors For First Bank

The Central Bank of Nigeria (CBN) has announced new appointments in one of Nigeria’s commercial banks, First Bank of Nigeria PLC, and retained Dr Sola Adeduntan as the bank’s Managing Director.

The latest developments come a day after the bank announced the removal of Adeduntan and Gbenga Shobo as his successor.

The CBN queried the bank for the move on Thursday, saying that it did not notify it of the decision to remove Adeduntan who had yet to complete his tenure.

The Central Bank Governor, Godwin Emefiele, told a news conference in Abuja that: “Ordinarily the board is vested with the authority to make changes in the management team subject to CBN approval.

“However, the CBN considers itself a key stakeholder in management changes involving FBN due to the forbearances and close monitoring by the Bank over the last 5 years aimed at stemming the slide in the going concern status of the bank.

“It was therefore surprising for the CBN to learn through media reports that the board of directors of FBN, a systemically important bank under a regulatory forbearance regime had effected sweeping changes in executive management without engagement and/or prior notice to the regulatory authorities.”

The CBN governor reassured the depositors, creditors and other stakeholders of the bank of its (CBN’s) commitment to ensuring the stability of the financial system.

“There is, therefore, no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the bank and position it as a banking industry giant,” he said.

The CBN also ordered the immediate removal of all the directors of FBN Limited and FBN Holdings PLC.