The regulator has also reinstated Sola 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 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.
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