Emefiele is really angry this days

orisa37:
Commercial Banks are PUBLIC PLCs NOT PARASTATALS. CAMA PROVIDES FOR THE APPOINTMENTS AND REMOVALS OF DIRECTORS, AUDITORS AND SECRETARIES. SO CBN AND ANOTHER HOLDING COMPANY FOR BANKS IS TOO GOVERNANCE. IN THIS CASE OF FIRST BANK PLCs, IT'S FULANISATION.

The CAmA just governs a little aspect of financial institutions. The enabling law is BOFIA. Banks and other financial institutions Act. Which enables the Central bank to regulate the board of financial institutions

Case closed!

regulator now the boss

FarahAideed:
This was a complete coup and hostile takeover by the CBN If you ask me

In connivance with some shareholder groups.

God bless Emeifele.

Ni ika rimma.

Obi owa(HRM Emmanuel Efezormor) tor neyife
Ise.

CBN governor
The most important now

Naira is 485 to dollars

Inflation is 22% highest in the world in months

Low quality Locals products are more expensive than higher quality imported one

Minimum wage is not increasing salaries are being slashed

A nation that over look the most important thing or play evil politics with masses warfare will fall without assistance

FarahAideed:
This was a complete coup and hostile takeover by the CBN If you ask me

If the board didn't give themselves loans without following the required process, this "coup" as you called it wouldn't have materialised.

Most of those at the Board of Nigerian Companies do alot of damage through the act of taking loans that eventually turn to bad debts because they didn't follow due process.

An example is Dunlop Elite. Infrastructure was a problem for them no doubt but what contributed more to their downfall was bad management that mentioned earlier. Thank God my dad retired when he saw the signs and collected his benefits. Those that stayed put didn't collect shi shi from the company before it eventually went under.

The CBN in my opinion is right this time.

IBIKUN AWOSIKA

That woman talk too much.

Forming motivational speaker while being a board member of institutional corruption and financial misappropriation. The last two past MD ,Bisi onasanya almost crippled the bank upon his departure. CBN literally came to Firstbank's aid to avoid bankruptcy. Evri of our staff knw dis tins to be true!

This pple eat fat salaries while dishing out peanuts to contract staff as salary. Meanwhile we are the foot soldiers.

Later, madam will be hosting/attending conferences, speaking grammars as if Shez beret of the ills of the bank.

It is a bad thing for good to be silent when evil prevails. But it is a very dangerous thing for good to provide the platform for evil to be celebrated.

CBN got this one right!

where is shegzhkn, Lucas10 and Marvieduke, who are asking what is CBN's concern with how a bank operates.
Ignorance never had a better definition.

CocoaOla:
CBN governor
The most important now

Naira is 485 to dollars

Inflation is 22% highest in the world in months

Low quality Locals products are more expensive than higher quality imported one

Minimum wage is not increasing salaries are being slashed

A nation that over look the most important thing or play evil politics with masses warfare will fall without assistance

There's very little the CBN governor can do to stem the slide in value of the Naira.

Nigeria's balance of payment is negative because we spend more forex on imports than what we earn from exports...to make matters worse citizens like you prefer to buy all manner of imported inems instead of patronising local substitutes!

Help save the Naira, buy local rice instead of imported ones, buy Aba made shoes instead of imported ones, by Nigerian made cornflakes instead of imported ones etc!

FarahAideed:
This was a complete coup and hostile takeover by the CBN If you ask me

The bank had received bailout funds to stabilize its shaky foundation since 2016 financial year. The CBN was, in effect, a receiver / manager propping up a private business that was deemed too big to fail. How could they justify acting as though they were independent?

Cos they were working to cover Otudeko

SavageResponse:


Call it what you like but the fact of the matter is that Otudeko and his gang of thieves would wreck the bank if the CBN continues to ignore their financial profligacy and abuse of corporate governance!

The simple truth.

SavageResponse:


There's very little the CBN governor can do to stem the slide in value of the Naira.

Nigeria's balance of payment is negative because we spend more forex on imports than what we earn from exports...to make matters worse citizens like you prefer to buy all manner of imported inems instead of patronising local substitutes!

Help save the Naira, buy local rice instead of imported ones, buy Aba made shoes instead of imported ones, by Nigerian made cornflakes instead of imported ones etc!

TELL THE WICKED DUMB NIGERIA GOVERNMENT TO STOP IMPORTING IT OWN REFINED OILS

Tell that to your leaderships who buy 800 house in Dubai With scarce fx,

Tell that to Buhari who patronize foreign health care for ordinary check up

Tell that to politicians who resumes their daily duties from abroad

Tell that to politicians who send their children out to study abroad

Tell that to politicians who make Nigeria un-bussiness friendly with bad policy and over taxations/monopoly

Tell this this to politicians who prefer to settle bandit and kidnappers tax payers money's

Tell politicians that all factories are running on diesel cost of doing business in Nigeria is too much

Tell politicians to stop Devaluing the naira currency it chase investor away

Nigeria government is the epitome of disasters to it own masses

I want to systematically agree or disagree with you after I have systematically studied the situation in a manner that i systematically deem fit.
However, I want to remind you that you have systematically either done the right thing or the wrong thing.
Systematically yours from,
NL.

NwaNimo1:
Convert your naira!

[img]https://media1./images/50d089a0f9900949b83152346f77ee00/tenor.gif?itemid=21204532[/img]

To a more stable currency/gold!

PDP meaningless attacks. PDP is a bad electoral loser..

Where do they get these directors from sef? Does CBN have a pool of prospective directors or what?

I wonder how the MD and DMD would work together now

observanc1:
GOVERNOR’S STATEMENT ON THE PURPORTED MANAGEMENT CHANGE AT THE FIRST BANK OF NIGERIA LTD

1.0 Good afternoon ladies and gentlemen.

2.0 The media has been awash with commentaries on the purported management changes at First Bank of Nigeria Ltd (FBN) and the related regulatory inquiry by the Central Bank of Nigeria (CBN) to the Board of First Bank of Nigeria Limited. It has therefore become necessary for me to address the public to clear any misconceptions.

3.0 Ordinarily the board is vested with the authority to make changes in the management team subject to CBN approval. However, the CBN considers itself a key stakeholder in management changes involving FBN due to the forbearances and close monitoring by the Bank over the last 5 years aimed at stemming the slide in the going concern status of the bank. It was therefore surprising for the CBN to learn through media reports that the board of directors of FBN, a systemically important bank under regulatory forbearance regime had effected sweeping changes in executive management without engagement and/or prior notice to the regulatory authorities. The action by the board of FBN sends a negative signal to the market on the stability of leadership on the board and management and it is in light of the foregoing that the CBN queried the board of directors on the unfortunate developments at the bank.

4.0 As you may be aware, FBN is one of the systemically important banks in the Nigerian banking sector given its historical significance, balance sheet size, large customer base and high level of interconnectedness with other financial service providers, amongst others. By our last assessment, FBN has over 31m customers, with deposit base of N4.2trn, shareholders funds of N618bn and NIBSS instant payment (NIP) processing capacity of 22% of the industry. To us at the CBN, not only is it imperative to protect the minority shareholders, that have no voice to air their views, also important, is the protection of the over 31m customers of the bank who see FBN as a safe haven for their hard-earned savings.

5.0 The bank maintained healthy operations up until 2016 financial year when the CBN’s target examination revealed that the bank was in grave financial condition with its capital adequacy ratio (CAR) and non-performing loans ratio (NPL) substantially breaching acceptable prudential standards.

6.0 The problems at the bank were attributed to bad credit decisions, significant and non-performing insider loans and poor corporate governance practices. The shareholders of the bank and FBN Holding Plc also lacked the capacity to recapitalize the bank to minimum requirements. This conclusions arose from various entreaties by the CBN to them to recapitalize.

7.0 The CBN stepped in to stabilize the bank in its quest to maintain financial stability, especially given FBN’s systemic importance as enumerated earlier. Regulatory action taken by the CBN in this regard included:

i. Change of management team under the CBN’s supervision with the appointment of a new Managing Director/ Chief Executive Office in January 2016.

ii. Grant of the regulatory forbearances to enable the bank work out its non-performing loans through provision for write off of at least N150b from its earning for four consecutive years.

iii. Grant of concession to insider borrower to restructure their non-performing credit facilities under very stringent conditions

iv. Renewal of the forbearances on a yearly basis between 2016 and 2020 following thorough monitoring of progress towards exiting from the forbearance measures

8.0 The measures had yielded the expected results as the financial condition of FBN improved progressively between 2016 when the forbearance was initially granted to the current financial year. For instance, profitability, liquidity and CAR improved whilst NPL reduced significantly.

9.0 Notwithstanding the significant improvement in the bank’s financial condition with positive trajectory of financial soundness indicators, the insider related facilities remained problematic.

10.0 The insiders who took loans in the bank, with controlling influence on the board of directors, failed to adhere to the terms for the restructuring of their credit facilities which contributed to the poor financial state of the bank. The CBN’s recent target examination as at December 31, 2020 revealed that insider loans were materially non-compliant with restructure terms (e.g. non perfection of lien on shares/collateral arrangements) for over 3 years despite several regulatory reminders. The bank has not also divested its non-permissible holdings in non-financial entities in line with regulatory directives

11.0 Following further review of the situation and in order to preserve stability of the bank, so as to protect minority shareholders and depositors, the Management of the CBN in line with its powers under BOFIA 2020 has approved and hereby directs:

i. Immediate removal of the all directors of FBN Ltd and FBN Holdings Plc

ii. The appointment of the following persons as directors in FBN Ltd and FBN Holdings Plc

Holdco

1.Chairman – Remi Babalola

2.Dr. Fatade Abiodun Oluwole

3.Kofo Dosekun

4.Remi Lasaki

5.Dr Alimi Abdulrasaq

6.Ahmed Modibbo

7.Khalifa Imam

8.Sir Peter Aliogo

9.UK Eke – Managing Director

Bank

1. Chairman – Tunde Hassan-Odukale

2. Tokunbo Martins

3. Uche Nwokedi

4. Adekunle Sonola

5. Isioma Ogodazi

6. Ebenezer Olufowose

7. Ishaya Elijah B. Dodo

8. Sola Adeduntan – Managing Director

9. Gbenga Shobo – Deputy Managing Director

10. Remi Oni – Executive Director

11. Abdullahi Ibrahim – Executive Director

12.0 The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensure the stability of the financial system. There is therefore no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the bank and position it as a banking industry giant.

Source: https://punchng.com/breaking-cbn-fires-first-bank-directors

Yankee101:
Cos they were working to cover Otudeko

Why can't he be declared insolvent and his assets confiscated to repay. What is AMCON waiting for or is there something else happening....perhaps the Oba is too big to fail as well...such that even the CBN guv cannot call him or his interests by name.

For those who are just reading on the surface - this is the real politics and shenanigans that you hear of but don't know the deal.

CBN is in bed with both parties and have just offered a compromise

aspabay:
where is shegzhkn, Lucas10 and Marvieduke, who are asking what is CBN's concern with how a bank operates.
Ignorance never had a better definition.

Will you shut the hell up son.

Look at what just happen, does it make any sense to you.

An unstable entity (CBN)is acting as an arbiter of what is right, one again Misplaced priority.

People, people and people. The state of any brand you see reflects the people. Sanusi and Bisi onasanya did excellent jobs to make this bank number one bank in Nigeria. They have been stable even in the times of shake up by soludo with little or no tangible acquisitions now some persons have morgtated those efforts because of selfish interest. Only if majority of we wealthy Nigerians can be less selfish.

Reference:


Why can't he be declared insolvent and his assets confiscated to repay. What is AMCON waiting for or is there something else happening....perhaps the Oba is too big to fail as well...such that even the CBN guv cannot call him or his interests by name.

Your bank has to report you to AMCON, that's why he kept his people in place. They restructured his loan, making it new, against CBN instructions to collect immediately.

The CEO should have been sacked too for going along, but man know man or bribe go don happen

Nigerians just like to murder English anyhow, the sad thing is this is coming from the highest levels of government. Who is their press man? Do they not know the meaning of "purported"? purported means an allegation that may or may not be true. you are confirming a sacking so why use "purported"?

the heading should read

"GOVERNOR’S STATEMENT ON MANAGEMENT CHANGE AT THE FIRST BANK OF NIGERIA LTD"

Is FG or CBN the owner of First Bank?

doggedfighter:
I think Emefiele got this right.

Hope Fulani terrorist presidency won't give directives later.

has any thing good come out of this government?... Just sit and watch how events will unfold....

Sounds like the usual nonsense of giving loans to friends and family that seems rife within African banks.

thebosstrevor1 read again and get a proper English interpreter

NwaNimo1:
Convert your naira!

[img]https://media1./images/50d089a0f9900949b83152346f77ee00/tenor.gif?itemid=21204532[/img]

To a more stable currency/gold!

Didn't know APC could print US dollars

showlove911:
IBIKUN AWOSIKA

That woman talk too much.

Forming motivational speaker while being a board member of institutional corruption and financial misappropriation. The last two past MD ,Bisi onasanya almost crippled the bank upon his departure. CBN literally came to Firstbank's aid to avoid bankruptcy. Evri of our staff knw dis tins to be true!

This pple eat fat salaries while dishing out peanuts to contract staff as salary. Meanwhile we are the foot soldiers.

Later, madam will be hosting/attending conferences, speaking grammars as if Shez beret of the ills of the bank.

It is a bad thing for good to be silent when evil prevails. But it is a very dangerous thing for good to provide the platform for evil to be celebrated.

CBN got this one right!

Do you even know that the private company of mrs Awosika is even struggling as well as we speak. Most of her staff are been owed salaries for months, though it was partly because of the covid but she seem to be losing the managerial prowess she had at the beginning of her career. Its sad to say all this because she is a pastor in my church (TFOLC) but one have to just say the truth.