- Reinstated CEO resumes work
In a turbulent week full of intrigues and scheming for the country’s leading deposit money bank, First Bank of Nigeria Limited and First Bank Holdings Plc, the board and management have agreed to align with the Central Bank of Nigeria, CBN decision to sack old board members and reinstate an erstwhile managing director/chief executive officer of the bank, Dr. Adesola Adeduntan FCA.
Adeduntan was forced to step down from his role is the bank’s CEO two days ago and Gbenga Shobo appointed in his stead. However, Shobo’s appointment lasted just about 40 hours before the apex bank dethroned him.
In a statement entitled “Corporate statement on the new board constitution” that was made availableto our reporter, FirstBank said, “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.
Accordingly, “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: Mr. Tunde Hassan-Odukale – Chairman, Mrs. Tokunbo Martins, Mr. Uche Nwokedi, Mr. Adekunle Sonola, Ms. Isioma Ogodazi, Mr. Ebenezer Olufowose, Mr. Ishaya Elijah B. Dodo, Dr. Adesola Adeduntan FCA – Managing Director/ Chief Executive Officer, Mr. Gbenga Shobo – Deputy Managing Director, Dr. Remi Oni – Executive Director, and Mr. Abdullahi Ibrahim – Executive Director
According to the statement, 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.”