CBN sacks First Bank directors

The Central Bank of Nigeria (CBN) on Thursday, sacked all the board members of First Bank Nigeria Ltd and First Bank of Nigeria Holdings Plc.

Before taking the action, CBN had queried the Board for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer.

First Bank had appointed Gbenga Shobo as MD/CEO designate without regulatory approval.

The apex bank also faulted 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.

But at a briefing on Thursday, 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 the MD/CEO of the bank.