CBN Returns Adesola Adeduntan As MD, Orders Immediate Removal Of All Directors of FBN Limited & Holdings

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Naira Continues To Lose Value As CBN Faces Tough Choices
Naira Continues To Lose Value As CBN Faces Tough Choices

The Central Bank of Nigeria (CBN) has reinstated Adesola Adeduntan as MD/CEO of First Bank Nigeria (FBN).

The CBN also sacked all directors and named new board members for both FBN and FBN Holdings.

Brand Spur had earlier reported that the CBN queried the Board of the bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, as appointing Gbenga Shobo as MD/CEO designate without regulatory approval.

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 had earlier reported that the apex bank queried the Board of the bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, as appointing Gbenga Shobo as MD/CEO designate without regulatory approval.

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.

Affected board members include Oba Otudeko and Ibukun Awosika.