CBN Dissolves First Bank Board, Appoints Replacement

The Central Bank of Nigeria, CBN, has approved the appointment of Tunde Hassan-Odukale and Remi Babalola as chairmen of First Bank of Nigeria Limited, (FBN) and FBN Holdings Plc, a subsidiary of FBN.

It had earlier announced the removal of Mrs Ibukun Awosika as Chairman of the board of FBN and Oba Otudeko as Chairman of the board of FBN Holdings

The apex bank in a series of tweets on its Twitter handle on Thursday also announced the reinstatement of Sola Adeduntan as Managing Director; Gbenga Shobo as Deputy Managing Director; and Remi Oni and Abdullahi Ibrahim as Executive Directors of FBN Limited.

Adeduntan was earlier removed by the Awosika-led board and replaced with Mr Shobo as managing director, a move the apex bank condemned as not following due process.

The action, according to CBN Governor, Godwin Emefiele, was to protect 31 million customers and minority shareholders of First Bank.

“First Bank of Nigeria is one of Nigeria’s systemically important banks, given its historical significance, balance sheet size, large customer base and high level of interconnectedness with other financial service providers.

“CBN reassures First Bank of Nigeria depositors, creditors and other stakeholders of the bank of its commitment to ensure the stability of the financial system,” Emefiele said.

The CBN also announced the appointments of Fatade Abiodun Oluwole, Kofo Dosekun, Remi Lasaki and Alimi Abdulrasaq as directors of FBN Holdings.

Other directors of FBN Holdings so appointed are, Ahmed Modibbo, Khalifa Imam, Sir Peter Aliogo, and UK Eke, who was appointed as Managing Director.

Directors of FBN Limited, as announced by the apex, include. Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose and Ishaya Elijah Dodo.


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