The Central Bank of Nigeria (CBN), has dissolved the board of First Bank of Nigeria Limited and First Bank of Nigeria Holdings (FBNH).
Emefiele who announced the decision at a press conference on Thursday said the decision became necessary following the sudden removal of former MD, Dr. Adesola Adeduntan.
The sacked board had yesterday, announced the removal of Adeduntan as MD and announced the appointment of Gbenga Shobo as new MD.
Emefiele accused the First Bank Board of playing insider politics, even as he insisted that it was wrong to have removed Adeduntan without prior information to the apex bank, given that the bank was under regulatory forbearance.
Emefiele who praised Adeduntan, said his removal was because he stood his ground and insisted that the right things in defiance of some majority stakeholders.
Emefiele reintated Adeduntan as Managing Director and appointed Remi Babalola as Board Chairman of First Bank Nigeria and Tunde Hassan Udikale as as Board Chairman, FBNH.
The CBN governor retained Mr. UK Ekeh as MD of FBNH.
