First Bank reinstates Sola Adeduntan as MD after CBN intervention

April 30, 2021 2:56 pm

Adesola Adeduntan steps down as First Bank CEO

In line with the directive of the Central Bank of Nigeria (CBN), the management of First Bank of Nigeria Limited has announced the reinstatement of Adesola Adeduntan as managing director/chief executive officer.

On Wednesday, the commercial bank announced the appointment of Gbenga Shobo as its new MD/CEO with effect from April 28.

First Bank had said Adeduntan will be leaving the position in accordance with the bank’s term limit for its chief executives, after leading the bank since January 2016.

But in a letter dated April 28 and addressed to Ibukun Awosika, the chairman of First Bank, the CBN said the tenure of Adeduntan was yet to expire.

The apex bank said it is not aware of any report from the board indicting the managing director of any wrong-doing or misconduct.

On Thursday, Godwin Emefiele, governor of the CBN, ordered the reinstatement of Adeduntan as MD of the tier-1 lender.

He also ordered the immediate removal of all directors of FBN Limited and FBN Holdings Plc.

The bank said it is cooperating with the CBN and other regulators in ensuring its smooth operation.

In a statement on Friday, the bank said the boards of FBN Limited and FBN Holdings Plc have been reconstituted in line with the directive of the apex bank.

Tunde Hassan-Odukale is the new chairman of First Bank Limited, other members include Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Dodo, Adesola Adeduntan as managing director, Remi Oni, Gbenga Sobo and Abdullahi Ibrahim.

“Dr. Adesola Adeduntan has since resumed work as CEO in line with the directives of the CBN. 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,” the statement read.

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, “the CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensuring the stability of the financial system. 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.”