FirstBank confirms resumption of Adeduntan as MD/CEO

FirstBank has confirmed the return of Dr. Adesola Adeduntan as MD/CEO following the Central Bank of Nigeria (CBN) intervention.

The bank had annulled Adeduntan’s replacement by Gbenga Shobo, as announced by the Ibukun Awoshika led-board on Wednesday.

But in a furious reaction, the CBN questioned the action, which was devoid of its regulatory approval, especially since Adeduntan has more months to complete his tenure.

CBN then dissolved the Awosika board and appointed a new one, headed by Tunde Hassan-Odukale.

Full FirstBank statement below:

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:

Mr. Tunde Hassan-Odukale – Chairman
Mrs. Tokunbo Martins
Mr. Uche Nwokedi
Mr. Adekunle Sonola
Ms. Isioma Ogodazi
Mr. Ebenezer Olufowose
Mr. Ishaya Elijah B. Dodo
Dr. Adesola Adeduntan FCA – Managing Director/ Chief Executive Officer
Mr. Gbenga Shobo – Deputy Managing Director
Dr. Remi Oni – Executive Director
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.”

Signed

SSKOHN
Management

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