Sola Adeduntan: CBN sacks First Bank board, reinstates Sola as MD

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

The apex bank has earlier queried the Board of the bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, as 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.

But at a briefing today, 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.

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