First Bank Shake Up: Adedunta Resumes As MD/CEO

Dr. Adesola Adeduntan has since resumed work as CEO of the First Bank in line with the directives of the Central Bank of Nigeria (CBN), a corporate statement issued by the Bank has stated.

The statement reads in full as follows:

“We refer to the Central Bank of Nigeria Limited (CBN) pronouncement on the reconstitution of the Board of Directors of First Bank of Nigeria Limited.

“Further to the press conference held by the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele CON on Thursday, 29 April 2021, the Boards of FBN Holdings Plc and First Bank of Nigeria Limited were dissolved and reconstituted, pursuant to its power under Banks and Other Financial Institutions Act (BOFIA) 2020.

The Board of Directors of First Bank of Nigeria Limited is now comprised as follows:

1. Mr. Tunde Hassan-Odukale – Chairman

2. Mrs. Tokunbo Martins

3. Mr. Uche Nwokedi

4. Mr. Adekunle Sonola

5. Ms. Isioma Ogodazi

6. Mr. Ebenezer Olufowose

7. Mr. Ishaya Elijah B. Dodo

8. Dr. Adesola Adeduntan FCA – Managing Director/ Chief Executive Officer

9. Mr. Gbenga Shobo – Deputy Managing Director

10. Dr. Remi Oni – Executive Director

11. Mr. Abdullahi Ibrahim – Executive Director

“Dr. Adesola Adeduntan has since resumed work as CEO in line with the directives of the CBN.

“We can confirm that the Bank is cooperating with the Central Bank of Nigeria and other regulators while the operations of the Bank are not hampered or hindered in any way and are in fact running smoothly.

“We further wish to reassure the public, our esteemed customers and stakeholders in the words of the Governor of the Central Bank in concluding his press conference,

“The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensuring the stability of the financial system. There is therefore no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the Bank and position it as a banking industry giant.”

In the last 24 hours, There has been a major intervention by the CBN in the management composition of the bank amid allegations of mismanagement levelled against the former board.

The apex bank sacked Mrs Ibukun Awosika as Chairman of the board of First Bank and Mr Oba Otudeko as Chairman of the board of FBN Holdings, a subsidiary of the bank.

African Examiner reports that 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.