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CBN Reinstates Adeduntan As Managing Director, Sacks Board of Directors

Just yesterday, the MD of First Bank was sacked from his position but he has been reinstated by the Central Bank of Nigeria barely 24 hours after the news broke.

Francis Shobo will revert to his Deputy Managing Director role and Abdullahi Ibrahim will revert to his Executive Director role both with immediate effect.

The apex body said it was not carried along in the process of sack and returned Adeduntan, saying that he is yet to complete his tenure as managing director of the bank.

In the midst of this, the regulatory body removed Oba Otudeko and Ibukun Awosika as chairmen of both the holding company and the bank respectively. Hassan-Odukale is to replace Ibukun Awosika as Chairman of the Bank immediately.

In some quarters, some experts believe that the matter will get to court in a matter of days as the bank looked to have followed its internal corporate governance policies while carrying out its actions.

Content created and supplied by: bayoishola (via Opera News )

Adeduntan CBN Francis Shobo Hassan-Odukale Ibukun

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