First Bank: CBN Reinstates Adeduntan, Sacks Otudeko, Bank’s Boards

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72b1134a godwin emefiele

•Don’t panic, Emefiele tells depositors, shareholders
•Moves to recapitalise bank

Obinna Chima in Lagos and James Emejo in Abuja

In one fell swoop yesterday, the Central Bank of Nigeria (CBN) removed, effective immediately, all directors of First Bank Nigeria Limited and those of its parent company, FBN Holdings Plc to stave off a boardroom crisis that led to the shortlived retirement of its Managing Director/Chief Executive Officer, Dr. Adesola Adeduntan, on Wednesday.

However, the CBN Governor, Mr. Godwin Emefiele, at a press conference in Abuja, announced the reinstatement of Adeduntan.

He said the central bank took the actions in order to preserve the stability of the bank and protect minority shareholders and depositors.
He also announced the appointment of a former Minister of State for Finance, Mr. Remi Babalola, as chairman of FBN Holdings.

He takes over from Mr. Oba Otudeko who was chairman of First Bank for 12 years before…



Source: Thisday Newspaper

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