CBN sacks Awosika as First Bank Chairman, reinstates Adeduntan as MD


There were dramatic changes at the top floor of First Bank on Thursday, following Wednesday’s replacement of its Managing Director Adesola Adeduntan..

An angry Central Bank of Nigeria not only upturned the decision, it also sacked the Banks’s Chairman, Ibukun Awosika, as well as the entire board.

The CBN reinstated Adeduntan and returned Gbenga Soyombo as Deputy MD

Also, it announced the immediate appointment of Tunde Hassan-Odukale as Chairman.

Hassan-Odukale was the Managing Director of Leadway Assurance Company before the appointment.

The CBN, which accused the sacked board of appointing Soyombo without its approval, had earlier queried the Board of the bank over the development.

At a briefing in Abuja on Thursday, CBN Governor, Godwin Emefiele, announced the major intervention.

According to a statement released after the briefing titled, ‘Developments at First Bank Nigeria Limited,’ Emefiele said the decision was taken “to protect 31 million customers, minority shareholders of First Bank of Nigeria Ltd”.

The statement partly read, “CBN directs immediate removal of all Directors of First Bank Nigeria Limited and First Bank Holdings Plc.

“CBN approves appointment of Remi Babalola as Chairman FBN Holdings Plc.

“CBN appoints Dr. Fatade Abiodun Oluwole, Kofo Dosekun, Remi Lasaki, Dr Alimi Abdulrasaq, Ahmed Modibbo, Khalifa Imam, Sir Peter Aliogo, and UK Eke (Managing Director) as Directors of FBN Holdings Plc

“CBN approves appointment of Tunde Hassan-Odukale as Chairman of First Bank of Nigeria Limited.

“CBN appoints Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Elijah B. Dodo as Directors of First Bank of Nigeria Limited.

“CBN reinstates Sola Adeduntan as Managing Director; Gbenga Shobo as Deputy Managing Director; and Remi Oni and Abdullahi Ibrahim as Executive Directors of First Bank of Nigeria Limited.”


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