Godwin Emefiele, Governor of the Central Bank of Nigeria

The Central Bank of Nigeria has announced the immediate removal of all of the directors of First Bank Nigeria Limited as well as FBN holdings.

The announcement comes on the heels of the CBN’s ultimatum to First Bank to call in a credit facility extended to Honeywell Flour Mills, as reported by TechCabal earlier today.

While there has been no official statement naming exactly who was sacked, here’s the composition of the board of First Bank of Nigeria: The 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, Ibukun Awosika.

As at the time of this article, we understand that U.K Eke, the group MD of FBN holdings will retain his position so at first glance, it appears that some of the firing is selective.

Nevertheless, one of the important points in the CBN’s announcement this evening is the return of Dr. Sola Adedutan as the MD/CEO of FirstBank of Nigeria. Yesterday, the board of First Bank had announced Adedutan’s retirement and appointed Gbenga Shobo in his place.

The CBN had also warned FirstBank in a separate memo that Adedutan’s removal was improper because his tenure had not elapsed. The Apex Bank also said that it received no notification of the entire process.

Also, the CBN has announced a new board of directors for FirstBank.

More details soon…

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