May 15, 2021

CBN Sacks Board Of First Bank, Appoints New Directors, Others

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The Central Bank of Nigeria (CBN) has announced new appointments in one of Nigeria’s commercial banks, First Bank of Nigeria PLC.

The Central bank also ordered the immediate removal of all the directors of FBN Limited and FBN Holdings PLC.

Addressing a news conference on Thursday in Abuja, CBN Governor, Godwin Emefiele said that its stance has become imperative to protect depositors at the bank.
Emefiele explained that the apex bank’s decision is targeted at ensuring financial stability at the bank.

Just before the hour, the apex bank had issued the Board of First Bank of Nigeria PLC a query for the removal of its Managing Director, Dr Sola Adeduntan.

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