Home Companies&Markets Central Bank of Nigeria reinstates Sola Adeduntan as MD/CEO First Bank Nigeria,...

Central Bank of Nigeria reinstates Sola Adeduntan as MD/CEO First Bank Nigeria, sacks board

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By Chrystal NK Chukwudebe

THUR 29 APRIL, 2021-theGBJournal- In a swift turn of event, the Central Bank of Nigeria (CBN) has reinstated Sola Adeduntan as MD/CEO of First Bank Nigeria. Adeduntan was removed in controversial fashion recently to the consternation of the apex bank.

The CBN also sacked all directors and named new board members for both First Bank Nigeria (FBN) and FBN Holdings.

 The CBN had earlier queried the First Bank board for the removal of Adeduntan without approval and expressed concern that the action was taken without due consultation with regulatory authorities, ‘’especially given the systemic importance of First Bank.’’

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