The Central Bank of Nigeria (CBN) has reinstated Dr Adesola Adeduntan as the Managing Director and Chief Executive Officer of First Bank of Nigeria (FBN) Limited.
CBN Governor, Godwin Emefiele made the announcement at a live press briefing on Thursday.
Emefiele cited insider abuse, insider credit and breakdown of corporate governance as the reason behind the apex bank’s move.
He also announced the immediate removal of all directors of FBN Limited and FBN Holdings.
The apex bank had earlier queried First Bank, expressing concern that the appointment of Gbenga Shobo as MD /CEO was done without its approval.
The CBN also claimed that the tenure of Adedutan was yet to expire and as such, there was no justification for his removal.