The Central Bank of Nigeria has fired the entire members of the board of First Bank Nigeria Ltd and First Bank of Nigeria Holdings Plc.
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.
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.
The CBN had earlier issued the Board of First Bank one of Nigeria’s oldest banks a query for the removal of Adeduntan.
The CBN claimed that the ten-year tenure of Adedutan was yet to expire and that there were no reports of any misconduct to necessitate his removal.
