CBN sacks First Bank’s Directors over Corporate Governance, Insider Abuse

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CBN sacks First Bank’s Directors  over Corporate Governance, Insider Abuse
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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.

 

 

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