The Apex Bank in Nigeria (CBN) has sacked the Board of Directors of First Bank Nigeria Limited and FBN holdings.
The announcement came shortly after the Bank announced the appointment of Olugbenga Francis Shobo as the new Managing Director.
The sacked Board members include Executive Director, Corporate Banking, Remi Oni, Executive Director/Public Sector Group, Abdullahi Ibrahim, Deputy Managing Director, Olugbenga Francis Shobo, and the Chairman of the Board, Mrs. Ibukun Awosika.
Godwin Emefiele the Governor of the Central Bank of Nigeria has however immediately replaced the Board.
The new appointees by the CBN are FBN Holdings: Remi Babalola (Chairman), Dr. Fatade Abiodun Oluwole, Kofo Dosekun, Remi Lasaki, Dr Alimi Abdulrasaq, Ahmed Modibbo, Khalifa Imam, Sir Peter Aliogo as Directors and UK Eke the Managing Director while appointees for the bank are: Tunde Hassan-Odukale (Chairman), Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Elijah B. Dodo, Sola Adeduntan – Managing Director, Gbenga Shobo – Deputy Managing Director, Remi Oni – Executive Director and Abdullahi Ibrahim – Executive Director.
The CBN Governor said the reason for the sack was because the previous Board took a decision without due process and consultations to the CBN.
While briefing the Press the Governor of the CBN said the Apex Bank suspected that the board removed Adeduntan because he took some decisions which were not in line with the wishes of major shareholders of the bank despite instructions from the CBN to stay action.