Aftermath Of 1st Bank Boardroom War : CBN Sacks Awosika, Otudeko - THE ENCOUNTER NEWS

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Friday, May 14, 2021

Aftermath Of 1st Bank Boardroom War : CBN Sacks Awosika, Otudeko

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                       •Ibukun

By Our Reporter

The Central Bank of Nigeria descended heavily on First Bank of Nigeria Limited, weeding out the entire members of the board of First Bank Nigeria Ltd and First Bank of Nigeria Holdings Plc in one fell swoop.

The Daily Crucible recalls that the apex bank which regulates the banking activities of all commercial banks in the country, queried the Board of the  bank for sacking 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 the quartet of Abdullahi Ibrahim as deputy managing director, Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu as executive directors.

But later today, the CBN Governor, Godwin Emefiele, announced the sacking of all members of the board of the bank for the supposed affront.

                      •Otudeko

Persons affected by the CBN’s hammer are Mrs Oba Otudeko, Ibukun Awosika among others.

The Apex bank reinstated with immediate effect, Adesola 
Adeduntan as the Managing Director/Chief Executive Officer and 
thrashed the appointment of Gbenga Shobo as MD/CEO designate.

Gbenga Shobo was appointed into the exalted position without the  regulatory approval of the CBN, it was learnt.

Justifying  the removal of the First Bank directors while briefing newsmen in Abuja, CBN Governor, Godwin Emefiele,  said the decision was taken by the management of CBN, following the query which the CBN had earlier issued the Board of First Bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, without regulatory approval.

Emefiele said : “Following further review of the situation and in order to preserve the stability of the bank so as to protect minority shareholders and depositors, the management of the CBN, in line with powers conferred on it by the Banks and Other Financial Institutions Act 2020, has approved and hereby directs as follows:

“The immediate removal of all the directors of First Bank of Nigeria Limited and First Bank of Nigeria Holdings Plc.”

For the newly appointed directors of holding company, Emefiele named them to include Remi Babalola, as chairman and UK Eke as managing director.

Mr. Remi Babalola,  a former Minister of State for Finance, is now chairman of FBN Holdings. He takes over from Mr. Oba Otudeko who was chairman of First Bank for 12 years before assuming the position of Chairman of FBN Holdings in 2010.

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