CBN sacks directors of First Bank, reinstates Adeduntan

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The Central Bank of Nigeria,CBN, has sacked all the directors of First Bank of Nigeria Limited and First Bank of Nigeria Holdings Plc.

The axe was dropped today by the CBN Governor Mr. Godwin Emefiele, at a press briefing reversing the ouster of the Bank’s Managing Director, Mr Adesola Adeduntan and appointment of Mr. Gbenga Shobo by the board on Wednesday.

Emefiele said the decision was taken to safeguard the financial system, following the crisis that greeted the purported changes at Nigeria’s oldest bank.

Adeduntan, who was earlier sacked by the board, was however, reinstated by the apex bank while new chairmen and directors were appointed.

 

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