Breaking: CBN sacks First Bank directors, reinstates Adedutan as managing director

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The Central Bank of Nigeria on Thursday fired the entire board of First Bank Nigeria Ltd and First Bank of Nigeria Holdings Plc.

The apex bank had earlier queried the board of the bank for removing Adesola Adeduntan as Managing Director/Chief Executive Officer, and appointing Gbenga Shobo as MD/CEO designate without regulatory approval.

The CBN had also faulted the appointment of Abdullahi Ibrahim as deputy managing director, as well as the appointment of Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu, as executive directors.

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CBN Governor, Godwin Emefiele, announced the sacking of all members of the board of the bank for the supposed affront.

Emefiele also reinstated Adeduntan as MD/CEO of the bank.