Home Business First Bank obeys CBN directive, announce new board, reassures stakeholders

First Bank obeys CBN directive, announce new board, reassures stakeholders

First Bank of Nigeria Limited, has officially announced a new board of directors in line with the directive of the Central Bank of Nigeria (CBN).

CBN governor, Godwin Emefiele, had at a press briefing yesterday, dissolved the board of both First Bank of Nigeria Holdings Plc (FBNH) and First Bank of Nigeria Limited, and constituted new boards for both entities.

The decision had come in response to the sudden removal of Dr. Sola Adeduntan as Managing Director of the bank and his his replacement by Gbenga Shobo, which the apex bank said was done without necessary consultation.

“We refer to the Central Bank of Nigeria Limited (CBN) pronouncement on the reconstitution of the Board of Directors of First Bank of Nigeria Limited,” a statement, Friday, from Mrs. Folake Ani-Mumuni head to bank’s corporate communication said.

“Further to the press conference held by the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele CON on Thursday, 29 April 2021, the Boards of FBN Holdings Plc and First Bank of Nigeria Limited were dissolved and reconstituted, pursuant to its power under Banks and Other Financial Institutions Act (BOFIA) 2020.

“The Board of Directors of First Bank of Nigeria Limited is now comprised as follows:

  1. Mr. Tunde Hassan-Odukale – Chairman
  2. Mrs. Tokunbo Martins
  3. Mr. Uche Nwokedi
  4. Mr. Adekunle Sonola
  5. Ms. Isioma Ogodazi
  6. Mr. Ebenezer Olufowose
  7. Mr. Ishaya Elijah B. Dodo
  8. Dr. Adesola Adeduntan FCA – Managing Director/ Chief Executive Officer
  9. Mr. Gbenga Shobo – Deputy Managing Director
  10. Dr. Remi Oni – Executive Director
  11. Mr. Abdullahi Ibrahim – Executive Director
    “Dr. Adesola Adeduntan has since resumed work as CEO in line with the directives of the CBN.

“We can confirm that the Bank is cooperating with the Central Bank of Nigeria and other regulators while the operations of the Bank are not hampered or hindered in any way and are in fact running smoothly.

“We further wish to reassure the public, our esteemed customers and stakeholders in the words of the Governor of the Central Bank in concluding his press conference, “The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensuring the stability of the financial system. There is therefore no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the Bank and position it as a banking industry giant.”

Source : Hallmark News

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