All directors of First Bank, FBN Holdings sacked by CBN

The Governor of the Central Bank of Nigeria, Godwin Emefiele has sacked all directors of First Bank of Nigeria and First Bank of Nigeria Holdings. The sack was announced following an emergency meeting convened by the Apex bank on Thursday evening over new directors appointment made by the bank. First Bank board of directors had on Wednesday announced a change of guard which CBN deemed as an affront to its regulatory powers. The board had announced Gbenga Shobo as the new Managing Director and Chief Executive Officer (CEO) while Abdullahi Ibrahim was appointed as deputy managing director. Other sacked directors include Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu, as executive directors. During the meeting on Thursday, Emefiele in his speech, cited insider abuse, insider credit and breakdown of corporate governance as the reason behind CBN’s decision to sack all the newly appointed MD and directors. The CBN governor further went ahead to announce that Dr Adesola Adeduntan will have to continue.