First Bank implements CBN directive, Reinstates Adeduntan as CEO

Following directives from the Central Bank of Nigeria, First Bank of Nigeria Limited announced on Friday that Dr. Adesola Adeduntan, its Chief Executive Officer, whose removal sparked regulatory actions, had resumed in the same capacity.

CBN on Thursday dissolved the boards of FBN Holdings Plc and First Bank of Nigeria Limited and appointed new directors for them.

First Bank, in a statement titled ‘Corporate statement on the new board constitution’, said, “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 bank said.

“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 among the banking public, given that the actions being taken are meant to strengthen the bank and position it as a banking industry giant.”

The statement showed the new  board of directors of First Bank of Nigeria as follows:  Mr Tunde Hassan-Odukale – chairman; Mrs Tokunbo Martins; Mr Uche Nwokedi; Mr Adekunle Sonola; Ms Isioma Ogodazi; Mr Ebenezer Olufowose; Mr Ishaya Dodo; Dr Adesola Adeduntan – managing director/chief executive officer; Mr Gbenga Shobo – deputy managing director; Dr Remi Oni – executive director; and Mr Abdullahi Ibrahim – executive director.