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The Central Bank of Nigeria (CBN) Governor Godwin Emefiele has relieved the entire board members of First Bank Nigeria Ltd and First Bank of Nigeria Holdings Plc over the alleged CBN unapproved appointment of the lender's new Managing Director/Chief Executive Officer.

The huge move comes as shock knowing that such development is among the apex bank's authority aimed at regulating activities of commercial banks across Nigeria.

According to reports, board members First Bank and First Bank Holdings Plc had replaced the former managing director, Adeshola Adeduntan with Gbenga Shobo as the new MD/CEO designate without the approval of the apex bank.

 The CBN Governor, Godwin Emefiele, who announced the director removals on Thursday evening, said that the move had become imperative to ensure the apex bank effectively manages the crisis rocking the oldest commercial bank in Nigeria.

Aside from announcing the directors’ removal, Emefiele also reinstated Adeduntan as the MD/CEO of the bank.

“Following a further review of the situation and to preserve the stability of the bank to protect minority shareholders and depositors, the management of the CBN, in line with its powers conferred on it by the Banks and Other Financial Institutions Act 2020, has approved and hereby directs as follows:

“Immediate removal of all the directors of First Bank of Nigeria Limited and First Bank of Nigeria Holdings Plc,” the CBN boss told newsmen in Abuja on Thursday.

"Emefiele says 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 directs immediate removal of all Directors of @FirstBankngr Ltd and @FBN Holdings Plc 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 also added that  CBN acted to protect 31 million customers, minority shareholders of First Bank of Nigeria Ltd.

"CBN approves appointment of Remi Babalola as Chairman FBN Holdings Plc and also appoints Dr. Fatade Abiodun Oluwole, Kofo Dosekun, Remi Lasaki, Dr Alimi Abdulrasaq, Ahmed Modibbo, Khalifa Imam, Sir Peter Aliogo, and UK Eke (Managing Director) as Directors of FBN Holdings Plc.

"CBN approves appointment of Tunde Hassan-Odukale as Chairman of First Bank of Nigeria Limited and appoints Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Elijah B. Dodo as Directors of First Bank of Nigeria. 

"However, CBNreinstates Sola Adeduntan as Managing Director; Gbenga Shobo as Deputy Managing Director; and Remi Oni and Abdullahi Ibrahim as Executive Directors of First Bank of Nigeria Limited.

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