CBN sacks Awosika, Otudeko, appoints new board for First Bank

By AdvocateNews on 30/04/2021

Share on facebook Yahoo mail icon Gmail icon

Views: 775


The Central Bank of Nigeria (CBN) has approved the appointment of Tunde Hassan-Odukale as Chairman of First Bank of Nigeria Limited (FBN).

CBN also approved the appointment of Remi Babalola as Chairman of FBN Holdings Plc, a subsidiary of FBN.

It had earlier announced the removal of Mrs Ibukun Awosika as Chairman of the board of FBN and Mr Oba Otudeko as Chairman of the board of FBN Holdings

It also announced the reinstatement of Sola Adeduntan as Managing Director; Gbenga Shobo as Deputy Managing Director; and Remi Oni and Abdullahi Ibrahim as Executive Directors of FBN Limited.

Adeduntan was earlier removed by the Awosika-led board and replaced with Sobo as managing director, a move the apex bank condemned as not following due process.

The apex bank made this known in a series of tweets on its twitter handle on Thursday.

The action, said CBN Governor, Godwin Emefiele, was to protect 31 million customers and minority shareholders of First Bank.

“First Bank of Nigeria is one of Nigeria’s systemically important banks, given its historical significance, balance sheet size, large customer base and high level of interconnectedness with other financial service providers.

“CBN reassures First Bank of Nigeria depositors, creditors and other stakeholders of the bank of its commitment to ensure the stability of the financial system,” Emefiele said.

The News Agency of Nigeria (NAN) reports that CBN also announced the appointments of Dr Fatade Abiodun Oluwole, Kofo Dosekun, Remi Lasaki and Dr Alimi Abdulrasaq as directors of FBN Holdings.

Other directors of FBN Holdings so appointed are, Ahmed Modibbo, Khalifa Imam, Sir Peter Aliogo, and UK Eke, who was appointed as Managing Director.

Directors of FBN Limited, as announced by the apex, include. Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose and Ishaya Elijah Dodo.

NAN reports that the CBN had earlier raised concerns over First Bank’s failure to comply with regulatory directives on divesting its interest in Honeywell Flour Mills.

The concerns were contained in a letter dated April 26, 2021 and addressed to Ibukun Awosika, erstwhile Chairman of FBN Limited.

It was in response to their audited International Financial Reporting Standards accounts for the 2020 financial year.

In the letter signed by Director of Banking Supervision, Haruna Mustafa, the apex bank said:

“We further noted that after four years the bank is yet to perfect its lien on the shares of Mr. Oba Otudeko in FBN Holdings which collateralised the restructured credit facilities for Honeywell Flour Mills contrary to the conditions precedent for the restructuring of the company’s credit facility.”

The apex bank instructed First Bank to diversify the equity investments in all non-permissible entities such as Honeywell Flour Mills and Bharti Airtel Nigeria Limited within 90 days. (NAN)

Posted 30/04/2021 02:54:38 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
INEC dares Buhari, rules out incident forms in...

COVID-19: I won’t take vaccine, I’m not guinea...

Nigeria to exit 90 international organisations – FG...

Reps confirm new service chiefs

Hushpuppi defrauded 1,926,400 persons, made N168bn – Dubai...

Federal High Court reinstates Oshiomhole as APC chair...

Easter: Pope calls for ‘immediate’ ceasefire in global...

Bayelsa judgment: Supreme Court fines Afe Babalola, Olanipekun...

Full Text of President Muhammadu Buhari’s Speech on...

Gbajabiamilia, Obi, Ugwuanyi, Diri, others felicitate with Christians...

IPOB attacks Amaechi in Spain

Nigerian Army issues stern warning to Sunday Igboho,...

 

Latest News Nigeria Middle Belters defined ahead of restructuring plans Asaba Declaration: Southern govs resist Senate’s anti-restructuring stance, ‘Police is not Nigeria’s problem’ - Dickson Senator raises alarm over ‘rampant corruption in Armed Forces’, demands probe ‘I’m prepared to die’ – Alleged killer of Iniubong Umoren IPOB: Panic in S’East, S’South over military clampdown, Ohanaeze, others warn FG Ebonyi Commissioner for Housing and Urban Development is dead THE SEEDS OF DESTINY 15 MAY 2021 - THE COVENANT OF SERVICE Army threatens to punish personnel who engage authorities on social media Nigeria’s economy will shut down in 32 weeks – Primate Ayodele warns Buhari Sunday Igboho, Yoruba Nation agitators storm Osogbo rally Nigeria doesn’t need another confab ― Ozekhome

 

Most Read I’ve no Coronavirus, govt wants to kill me – Anambra Index case (99,150 views) Fleeing ex-DG Imo Broadcasting Corporation who stabbed wife to death arrested (87,992 views) Sickle cell support group seeks government intervention (86,625 views) FG sends new directive to banks, schools as Buhari extends lockdown by four weeks (86,625 views) Ebonyi bans embalming of corpses in homes (86,624 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (86,622 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (86,604 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (86,441 views) HUSHPUPPI: CRIMINALS HAVE NO TRIBE. THEY SHAME ALL OF US... (84,952 views) ASUU strike: Senate intervention ends in deadlock (83,862 views) All you need to know about Peter Obi, PDP VP Candidate (69,247 views) DEMOCRACY DAY: President Muhammadu Buhari’s full speech (67,155 views)

 

 

SECTIONS FAITH (117) EDITORIAL (14) NEWS (5,249) POLITICS (484) SOCIETY (125) SPORTS (44) BUSINESS (349) HEALTH (51) EDUCATION (44) ENTERTAINMENT (35) INTERNATIONAL (145) TECHNOLOGY (1) COLUMNISTS (57) LETTERS (3) OPINION (33)

 

 


There are no video entries posted yet.