The Central Bank of Nigeria (CBN) on Thursday justified its decision to sack the Chairman of First Bank Plc Mrs. Ibukun Awosika and Chairman of FBN Holdings, Mr. Oba Otudeko.
The apex bank reinstated Mr. Sola Adeduntan as the managing director/chief executive offcer (MD/CEO).
Mr. Gbenga Shobo, who the sacked board appointed on Wednesday as managing director-designate, was restored to his former position as deputy managing director.
CBN’s Governor Godwin Emefiele said in Abuja that the decision taken by the CBN management was in line with its powers under the Bank and Other Financial Institutions Act (BOFIA) 2020.
He said: “It was therefore surprising for the CBN to learn through media reports that the board of directors of FBN, a systemically important bank under regulatory forbearance regime had effected sweeping changes in executive management without engagement and/or prior notice to the regulatory authorities.”
Justifying the CBN intervention, Emefiele said: “The insiders who took loans in the bank, with controlling influence on the board of directors, failed to adhere to the terms for the restructuring of their credit facilities which contributed to the poor financial state of the bank.”
It named Mr. Remi Babalola as replacement for Otudeko (FBN Holdings Chairman) and Tunde Hassan-Odukale as Mrs. Awosika’s replacement FBN (Chairman).
Other directors announced into the reconstituted Board are: Dr. Fatade Abiodun Oluwole; Kofo Dosekun; Remi Lasaki; Dr. Alimi Abdulrasaq; Ahmed Modibbo; Khalifa Imam; Sir Peter Aliogo and UK Eke.
The CBN listed Tokunbo Martins; Uche Nwokedi; Adekunle Sonola; Isioma Ogodazi; Ebenezer Olufowose and Ishaya Elijah B. Dodo as directors.
Remi Oni and Abdullahi Ibrahim were named executive directors.
