The governor of the Central Bank of Nigeria, Godwin Emefiele, has just sacked the entire members of the board of First Bank Holding and First Bank Nigeria Ltd. The sack was announced on live television, covered by leading television stations in the country. Emefiele, in his speech, cited insider abuse, insider credit and breakdown of corporate governance as the reason behind the apex bank’s move.

The CBN governor further went ahead to announce that Dr Sola Adeduntan had been reinstated as the Managing Director of the interim Board.

It could be recalled that the CBN had queried First Bank, expressing concern that the appointment of Gbenga Shobo was done without the approval of the apex bank. The CBN also claimed that the tenure of the ousted Mr. Adesola Adedutan was yet to expire and as such, there was no justification for his removal.

More detail soon…

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