CBN Appoints New Board for FBN Holdings, FirstBank

By Obinna Chima

The Central Bank of Nigeria (CBN) has reinstated Dr. Adesola Adeduntan who was summarily retired on Wednesday as the Managing Director/Chief Executive Officer of First Bank Nigeria Limited by the board.

Also, the banking sector regulator Thursday removed, effective immediately, all directors of the bank as well as those of its parent company, FBN Holdings Plc.

Addressing a media briefing in Abuja, CBN Governor, Mr. Godwin Emefiele, said the central bank took the actions in order to preserve stability of the bank, protect minority shareholders and depositors.

According to the CBN Governor, Mr. Remi Babalola, a former Minister of State for Finance is now Chairman FBN Holdings. Other new directors on the FBN Holdings’ Board are Fatade Abiodun Oluwole, Kofo Dosekun, Remi Lasaki, Dr. Alimi Abdulrasaq, Ahmed Modibbo, Khalifa Imam, Sir Peter Aliogo, while Mr. UK Eke retains his position as Managing Director of FBN Holdings.

On the other hand, for First Bank Nigeria Limited, the new Chairman is Tunde Hassan-Odukale. Other board members are Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Elijah B. Dodo, Adeduntan as MD/CEO, Gbenga Shobo as Deputy Managing Director, and Remi Oni and Abdullahi Ibrahim as Executive Directors.

“The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensure 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.
More details later….