|The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has sacked all directors of First Bank Limited and First Bank of Nigeria Holdings.
The sack was announced following alleged insider abuse and breach of corporate governance in the removal of the Managing Director, First Bank Limited, Dr Adeshola Adeduntan who has now been reinstated.
Market watchers last night expressed fears that the current development in the bank and its associated uncertainties may have a negative impact on its share price today.
By the dissolution of all directors in both the FBN Holdings Plc, and First Bank of Nigeria Limited, the apex bank has queried the erstwhile Chairman of First Bank of Nigeria Limitesd, Mrs Ibukun Awosika, named the new directors Mr Gbenga Shobo to his initial position as as the Deputy Managing Director of FBN Holdings Plc and appointed U.K Eke the Group Chief Executive Officer, FBN Holdings Plc.
Emefiele cited insider abuse, insider credit, and breakdown of corporate governance as the reasons behind CBN’s decision to sack all the directors.
The apex bank said the initial appointments by First Bank portended significant risks to the stability of the financial system.