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The Central Bank of Nigeria wielded its big stick on First Bank of Nigeria Limited as the apex regulator of the activities of commercial banks on Thursday when it fired the entire members of the board of First Bank Nigeria Ltd and First Bank of Nigeria Holdings Plc.
According to reports, the apex bank had earlier queried the 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.
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, yesterday the 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.
Emefiele said CBN acted to protect 31 million customers, minority shareholders of First Bank of Nigeria Ltd.
AFRICA DAILY NEWS, NEW YORK