First Bank of Nigeria on Friday confirmed that Adesola Adeduntan had resumed as the Chief Executive Officer in line with the directives of the Central Bank of Nigeria (CBN).
The regulator then reinstated Mr Adeduntan as the managing director and chief executive officer of the bank, a day after he was removed by the board.
The governor of the central bank, Godwin Emefiele, made the announcement Thursday.
He announced the constitution of an interim board ”to stabilise the lender”.
Those appointed to the interim board are: Remi Babalola, chairman of FBN Holdings Plc, Peter Aliugo, Fatade Oluwole, Kofo Dosekun, Remi Lasaki, Alimi Abdulrasaq, Ahmed Modibo, and Khalifa Iman.
The bank also appointed Tunde Hassan-Odukale as the new chairman of First Bank Limited, alongside Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Dodo, Remi Oni, Gbenga Sobo and Abdullahi Ibrahim.
The dramatic move came a day after the apex bank queried the board of First Bank of Nigeria Limited for removing Mr Adeduntan, ”without obtaining regulatory clearance”.
After the storm
A statement by the management of the bank on Friday said Mr Adeduntan had resumed as directed by the apex bank.
“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,” said the statement.
The CBN governor had earlier said, “The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensuring the stability of the financial system.”
Also according to the management of First Bank, ”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”. (NAN)
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