Nigeria’s Apex Bank CBN Sacks All Board Members of First Bank

The governor of the Central Bank of Nigeria, Godwin Emefiele on Thursday announced the sack of the entire members of the board of First Bank Holding and First Bank Nigeria Ltd.

The CBN governor further went ahead to announce that Dr. Sola Adeduntan had been reinstated as the Managing Director of the interim Board.

On Wednesday, the Bank’s Board of Directors appointed Gbenga Shobo who was previously Deputy Managing Director as the new MD/CEO.

Emefiele said the decision became necessary following First Bank’s Board decision, without informing the Central Bank, to remove Adedutan, eight months before his tenure was set to end on December 31, 2021.

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