The Central Bank of Nigeria wielded its big stick on First Bank of Nigeria Limited as the apex regulator of the activities of commercial banks on Thursday when it fired the entire members of the board of First Bank Holding and First Bank Nigeria Ltd.
The apex bank queried the Board of the bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, as appointing Gbenga Shobo as MD/CEO designate without regulatory approval.
The CBN had also faulted the appointment of Abdullahi Ibrahim as deputy managing director, as well as the appointment of Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu, as executive directors.
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