CBN also approved the appointment of Remi Babalola as Chairman of FBN Holdings Plc, a subsidiary of FBN.
It had earlier announced the removal of Mrs Ibukun Awosika as Chairman of the board of FBN and Mr Oba Otudeko as Chairman of the board of FBN Holdings
also announced the reinstatement of Sola Adeduntan as Managing Director; Gbenga Shobo as Deputy Managing Director; and Remi Oni and Abdullahi Ibrahim as Executive Directors of FBN Limited.
Adeduntan was earlier removed by the Awosika-led board and replaced with Sobo as managing director, a move the apex bank condemned as not following due process.
The apex bank made this known in a series of tweets on its twitter handle on Thursday.
The action, said CBN Governor, Godwin Emefiele, was to protect 31 million customers and minority shareholders of First Bank.
“First Bank of Nigeria is one of Nigeria’s systemically important banks, given its historical significance, balance sheet size, large customer base and high level of interconnectedness with other financial service providers.
“CBN reassures First Bank of Nigeria depositors, creditors and other stakeholders of the bank of its commitment to ensure the stability of the financial system,” Emefiele said.
The News Agency of Nigeria (NAN) reports that CBN also announced the appointments of Dr Fatade Abiodun Oluwole, Kofo Dosekun, Remi Lasaki and Dr Alimi Abdulrasaq as directors of FBN Holdings.
Other directors of FBN Holdings so appointed are, Ahmed Modibbo, Khalifa Imam, Sir Peter Aliogo, and UK Eke, who was appointed as Managing Director.
Directors of FBN Limited, as announced by the apex, include. Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose and Ishaya Elijah Dodo.
NAN reports that the CBN had earlier raised concerns over First Bank’s failure to comply with regulatory directives on divesting its interest in Honeywell Flour Mills.
The concerns were contained in a letter dated April 26, 2021 and addressed to Ibukun Awosika, erstwhile Chairman of FBN Limited.
It was in response to their audited International Financial Reporting Standards accounts for the 2020 financial year.
In the letter signed by Director of Banking Supervision, Haruna Mustafa, the apex bank said:
“We further noted that after four years the bank is yet to perfect its lien on the shares of Mr. Oba Otudeko in FBN Holdings which collateralised the restructured credit facilities for Honeywell Flour Mills contrary to the conditions precedent for the restructuring of the company’s credit facility.”
The apex bank instructed First Bank to diversify the equity investments in all non-permissible entities such as Honeywell Flour Mills and Bharti Airtel Nigeria Limited within 90 days.
- Why we’re supporting Sahel Military Games—- Minister
- KWIRS Woos EFCC in Tackling Tax Evasion in Kwara
- Queen Elizabeth sends Meghan Markle and Prince Harry birthday message as their son Archie turns two
- Family releases obituary of comedienne, Ada Jesus
- Actress, Jodie Turner-Smith says her relationship with husband Joshua Jackson started when they had a one-night stand after meeting at a party
- Madonna’s protégé and Levi’s launderette model, Nick Kamen dies at 59 after long battle with bone marrow cancer
- Rapper Teezee welcomes a child with Grace Ladoja, daughter of former Oyo state governor, Rashidi Ladoja
- Enugu State inaugurates board for universal health coverage
- Should we give you a movie or tv series – Actors Aki and Paw Paw asks Nigerians as they hint on returning to acting as a duo
- Niger governor reshuffles cabinet
- Politics2 years ago
Breaking…Kwara assembly suspends 16 LGs chairmen
- News1 year ago
Army approves cigarettes allowance, N20,000 salary increment for soldiers
- Metro1 year ago
BREAKING…. Kwara govt announces total lockdown in Offa
- Education1 year ago
UNILORIN education faculty emerges best in Nigeria
- Politics1 year ago
Gbemi Saraki finally breaks silence, changes political slogan
- Politics1 year ago
Breaking… Kwara governor appoints Yinka Aluko S A Special Duties
- News2 years ago
Sokoto assembly confirms Gov Tambuwal’s 26 comissioner nominees
- Politics2 years ago
Breaking…GOV. ABDULRAZAQ APPOINTS COMMITTEE ON REVIEW OF SALES OF GOVT PROPERTY (See full names)