First Bank Accepts CBN New Board As Adeduntan Resumes

First Bank of Nigeria Limited on Friday said its Chief Executive Officer, Dr. Adesola Adeduntan, who was earlier removed has resumed back to his office in the same capacity.

The bank also said it is cooperating with the Central Bank of Nigeria on the board newly constituted for the bank.

This was sequel to the pronouncement on the reconstitution of new board of directors for the bank by the Central Bank of Nigeria on Thursday.

At a press conference by the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, in Abuja on Thursday, said the boards of FBN Holdings Plc and First Bank of Nigeria Limited were dissolved and reconstituted, pursuant to its power under Banks and Other Financial Institutions Act (BOFIA) 2020.

In a statement on Friday titled ‘Corporate statement on the new board constitution’, First Bank said, “Dr. Adesola Adeduntan has since resumed work as CEO in line with the directives of the CBN.

“We can confirm that the bank is cooperating with the Central Bank of Nigeria and other regulators while the operations of the bank are not hampered or hindered in any way and are in fact running smoothly.”

It added that, “We further wish to reassure the public, our esteemed customers and stakeholders in the words of the Governor of the Central Bank in concluding his press conference;

“The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensuring the stability of the financial system.

“There is therefore no cause for panic among the banking public, given that the actions being taken are meant to strengthen the bank and position it as a banking industry giant.”

The statement said the board of directors of First Bank of Nigeria Limited now comprised of Mr Tunde Hassan-Odukale – Chairman; Mrs Tokunbo Martins; Mr Uche Nwokedi; Mr Adekunle Sonola; Ms Isioma Ogodazi; Mr Ebenezer Olufowose; Mr Ishaya Dodo; Dr. Adesola Adeduntan – managing director/ chief executive officer; Mr Gbenga Shobo – deputy managing director; Dr. Remi Oni – executive director; and Mr Abdullahi Ibrahim – executive director.