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CBN Sacks First Bank Directors, Reinstates Sola Adeduntan As MD

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CBN Sacks First Bank Directors, Reinstates Sola Adeduntan As MDCentral Bank of Nigeria (CBN) has reinstated Sola Adeduntan as the managing director and chief executive officer of First Bank of Nigeria Limited.

Godwin Emefiele, governor of the CBN, made this announcement in a press briefing on Thursday and also announced the immediate removal of all directors of FBN limited and FBN Holdings.

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

CBN 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.

However, at a briefing today, Godwin Emefiele, announced sack of all members of the board of the bank for the supposed affront.

Addressing a news conference in Abuja, Emefiele said that its stance has become imperative to protect depositors at the bank, saying the apex bank’s decision is aimed at ensuring financial stability at the bank.

CBN also claimed 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 former MD and as such there was no justification for his removal.

However, according to Nairametrics, sources in First Bank said the bank has a policy of replacing its MD/CEO’s every 6 years and maintained it did not break any CBN rules.

As the banking sector regulator, the CBN approves appointments of Bank MD/CEOs but it is unprecedented for the CBN to interfere with matters of a bank like First Bank, the oldest in the country.

However, the CBN has in the past removed MD/CEOs of banks and has gone as far as firing the entireBoard of the banks. Nevertheless, such cases were often preceded by a crisis in the bank and followed by the nationalization of the bank and First Bank is neither in a crisis nor being nationalized.

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