Following the Central Bank’s announcement on the recomposition of the board of First Bank Nigeria Limited, the bank has issued a corporate statement signed by its Group Head, Marketing and Corporate Communications, Folake Ani-Mumuneys.

The statement released by the bank reads:
“We refer to the Central Bank of Nigeria Limited (CBN) pronouncement on the reconstitution of the Board of Directors of First Bank of Nigeria Limited.

“Further to the press conference held by the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele CON on Thursday, 29 April 2021, 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.

“The Board of Directors of First Bank of Nigeria Limited is now comprised as follows: Mr. Tunde Hassan-Odukale – Chairman; Mrs. Tokunbo Martins; Mr. Uche Nwokedi; Mr. Adekunle Sonola; Ms. Isioma Ogodazi; Mr. Ebenezer Olufowose; Mr. Ishaya Elijah B. Dodo; Dr. Adesola Adeduntan, FCA – Managing Director/ Chief Executive Officer; Mr. Gbenga Shobo – Deputy Managing Director; Dr. Remi Oni – Executive Director; Mr. Abdullahi Ibrahim – Executive Director.

Dr. Adesola Adeduntan has since resumed work as CEO in line with the directives of the CBN.” 

This confirmation comes after the apex bank on Thursday dissolved the management board of First Bank Nigeria PLC, reinstating the sacked Managing Director Adesola Adeduntan.

Central Bank Governor Godwin Emefiele announced the mass sacking and the reappointment of Mr Adeduntan as the CEO in a televised press briefing on Thursday evening.

The board had in a statement by its chairman Ibukun Awosika announced the retirement of Mr Adeduntan from office and announced Mr Gbenga Shobo as his replacement.