First Bank Complies With CBN Directive, Reinstates Adeduntan, Others | TimeTestedNews


First Bank of Nigeria Limited has complied with the Central Bank of Nigeria by reinstating Dr. Adesola Adeduntan as its Managing Director, while other directors have been reinstalled to their previous positions.

The CBN) had earlier given reasons why it sacked Chairman of First Bank Plc, Mrs. Ibukun Awosika and Chairman of FBN Holdings, Mr. Oba Otudeko among others.


Some members on the bank’s Board of Directors (BoD) were fixed by the apex bank.

Mr. Gbenga Shobo, who the sacked board appointed on Wednesday as managing director-designate, was restored to his former position as deputy managing director.

According to the bank, 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, according to a release made available to TIME TESTED NEWS BY THE BANK, 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.

First Bank continued: “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.”