The Central Bank of Nigeria on Thursday, wielded its big stick on one of Nigeria’s oldest banks, First Bank of Nigeria Limited, and sacked all the board members of the bank including its Chairman, Board of Directors, Ibukun Awosika.

Awosika was appointed First Bank Chairman in September 2015, making her one of the first women to hold the esteemed position.

However, the apex bank on Thursday, announced the immediate appointment of Tunde Hassan-Odukale as Chairman of First Bank. Before his appointment, Hassan-Odukale was the Managing Director of Leadway Assurance Company.

The re-organisation of First Bank by the regulator was not unconnected to the removal of Adesola Adeduntan as the Managing Director/Chief Executive Officer of the bank and the appointment of Gbenga Shobo as MD/CEO designate without regulatory approval. CBN had earlier queried the Board of the bank over the development.

At a briefing in Abuja on Thursday, CBN Governor, Godwin Emefiele, dissolved the board of the bank and announced the appointments of new leaders, with immediate effect.

According to a statement released after the briefing titled, ‘Developments at First Bank Nigeria Limited,’ Emefiele said the decision was taken “to protect 31 million customers, minority shareholders of First Bank of Nigeria Ltd”.

The statement partly read, “CBN directs immediate removal of all Directors of First Bank Nigeria Limited and First Bank Holdings Plc.

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.

“CBN approves appointment of Remi Babalola as Chairman FBN Holdings Plc.

“CBN appoints Dr. Fatade Abiodun Oluwole, Kofo Dosekun, Remi Lasaki, Dr Alimi Abdulrasaq, Ahmed Modibbo, Khalifa Imam, Sir Peter Aliogo, and UK Eke (Managing Director) as Directors of FBN Holdings Plc

“CBN approves appointment of Tunde Hassan-Odukale as Chairman of First Bank of Nigeria Limited.

“CBN appoints Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Elijah B. Dodo as Directors of First Bank of Nigeria Limited.

“CBN reinstates Sola Adeduntan as Managing Director; Gbenga Shobo as Deputy Managing Director; and Remi Oni and Abdullahi Ibrahim as Executive Directors of First Bank of Nigeria Limited.”

https://www.google.com/amp/s/punchng.com/first-bank-shake-up-hassan-odukale-replaces-awosika-as-chairman/%3famp

Chaiii

“CBN appoints Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Elijah B. Dodo as Directors of First Bank of Nigeria Limited.

I am Okay with this current Directors.

This is clearly a game of Ego and not of mismanagement like the CBN wants you to believe....very poor handling by the CBN , this is beginning of crisis for FBN

No Niger Delta?
We no get money for FBN

Well alright

Chai, my iron lady, Ibikun Awosika don go ooh.... I love this woman so much! If you listen to her motivational speeches then u no change, na him be say u no wan wise!

A tsunami has hit First Bank!

Now all the banks in Nigeria know who's boss, everyone will stand in line

SMH. I really like that woman's name, Ibukun Awosika.
I guess her family was the person Victor Uwaifo sang about (not sure).
That made me like the name because I like the song
Sorry, ma'am....you are already made and will continue to be a good motivational speaker.
You will be missed.

Why are they both Yoruba??

I know we hate most of our institutions in this country but i think CBN from the time of soludo till now has been doing a good job in regulating our greedy banks. But we need to stop shielding them from foreign competion

Damnnn niggarrrr
Isoright

Wow banking coup.

THIEFY-THIEFY BANK!
PAY THIS GUY HIS MONEY!


https://www.nairaland.com/5591806/how-first-bank-did-not

Nawa

Good collabo

I am scared for First bank because anytime the government interferes in anything, it definitely fails

Jesuschristus:
Why are they both Yoruba??

Stop your YORUBA hating and you'll breathe life.

FarahAideed:
This is clearly a game of Ego and not of mismanagement like the CBN wants you to believe....very poor handling by the CBN , this is beginning of crisis for FBN

Willfully neglecting to pursue recovery of a mammoth loan that has clearly gone bad and shielding the insider cum related party who is responsible for those loans is mismanagement anyhow you want to look at it!

What happens to the Honeywell loan and Bharti Airtel shares?

I like this new list.

FarahAideed:
This is clearly a game of Ego and not of mismanagement like the CBN wants you to believe....very poor handling by the CBN , this is beginning of crisis for FBN

CBN IS the apex, the commercial banks needs to follow due process to do some things else CBN will sanction dem.

If you study finance, economics, banking and finance, accounting in school, you'll know this.

Under Banking Laws and Regulations

Boardroom war.

So CBN has this kind of power, wow... And I was fond of Mrs Ibukun Awosika and her white hair sha, all the best in her future endeavours.

tit:
No Niger Delta? We no get money for FBN

Tit for tat

Make I tell my neighbour to withdraw his 2K before they fold up.

So this is how Ibukun Awosika's career in First Bank ended, just like that.

The number of people calling her to come give motivational speeches will dwindle drastically

Profayo:
I am scared for First bank because anytime the government interferes in anything, it definitely fails

Not in Banks.
In 2009, 9 banks were about to crash, if not for the intervention of CBN headed by Sanusi Lamido Sanusi.

That's why CBN is the last resort of the banks

Jesuschristus:
Why are they both Yoruba??

This isn't about tribe, stop that! Ironically, your moniker does not support your tribalism

Profayo:
I am scared for First bank because anytime the government interferes in anything, it definitely fails

Not this time

Wow

Womanizer:


Willfully neglecting to pursue a mammoth loan that has clearly gone bad and shielding the insider cum related party who is responsible for those loans is mismanagement anyhow you want to look at it!

The loan was paid off in stock options ( that's another story for another day )