BREAKING: First Bank reacts to replacement of Board, CEO

First Bank of Nigeria Limited has reacted to the reinstatement of its sacked Managing Director and Chief Executive Officer, Adesola Adeduntan, and the constitution of a new Board for its holding company by the Central Bank of Nigeria.

The reaction of the Bank was contained in a statement by its Management released today as obtained by TopNaija.

The reaction comes a day after the Governor of the CBN, Godwin Emefiele, announced the reversal of the decision of the Board of the Bank, led by Ibukun Awosika, appointing the Deputy Managing Director, Gbenga Shobo, as the MD/CEO.

The former leadership of the bank comprised of the following:

Chairman – Ibukun Awosika
Managing Director/CEO – Adesola Adeduntan
Deputy Managing Director – Olugbenga Francis Shobo
Executive Director/Public Sector Group – Abdullahi Ibrahim
Executive Director, Corporate Banking – Remi Oni

Reacting on Friday, the Management of the Bank 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.

“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:
1. Mr. Tunde Hassan-Odukale – Chairman
2. Mrs. Tokunbo Martins
3. Mr. Uche Nwokedi
4. Mr. Adekunle Sonola
5. Ms. Isioma Ogodazi
6. Mr. Ebenezer Olufowose
7. Mr. Ishaya Elijah B. Dodo
8. Dr. Adesola Adeduntan FCA – Managing Director/ Chief Executive Officer
9. Mr. Gbenga Shobo – Deputy Managing Director
10. Dr. Remi Oni – Executive Director
11. Mr. Abdullahi Ibrahim – Executive Director

“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.’”

First Bank is the premier bank in West Africa with its impact woven into the fabric of society which operates as a parent company in Nigeria, with the subsidiaries FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal; FBN Bank UK Limited in the United Kingdom with a branch in Paris; FirstBank Representative Office in Beijing to capture trade-related business between geographies