The Central Bank of Nigeria (CBN), on Thursday in Abuja, announced the immediate removal of all members of the Board of Director of First Bank of Nigeria (FBN) Limited and First Bank of Nigeria (FBN) Holdings Plc.
Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, made the announcement of the sack at a press briefing in Abuja on Thursday. He said their sack was as a result of the board's purported removal, on Wednesday, of the Bank’s Group Managing Director, Mr Adesola Adeduntan and his replacement with Mr. Gbenga Shobo.
Emefiele also stated that the management of the CBN decided to remove the board so as to safeguard the nation's financial system as a result of the internal crisis. that trailed Adeduntan's replacement as First Bank Managing Director,
The CBN however announced the immediate reinstatement of Adeduntan as Managing Director.. NNL.